Synthesis of the program approach in the field of prevention and combating money laundering and terrorism financing in Commercial Bank ‘EuroCreditBank’ JSC
Commercial Bank ‘EuroCreditBank’ JSC in the field of prevention and combating money laundering and terrorist financing (hereinafter referred to as the Program) is elaborated in accordance with the provisions of the Law no.308 of 22.12.2017 on the prevention and combating of money laundering and terrorist financing and on the basis of international standards in the field, in particular, Recommendations 40 of the International Financial Action Task Force (FATF-GAFI), EU Directive no. 849 of 20.05.2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing, and the Wolfsberg Group documents.
The program sets the rules
a) knowledge and acceptance of actual clients and actual beneficiaries, which establishes the category of clients, depending on the risk, only after their identification and adequate knowledge,
b) permanent monitoring of transactions and business relations, determination of the purpose and nature of the business relationship, interpretation of the regular character of the clients' activity, as well as monitoring of complex and unusual transactions for the prevention and combating of money laundering and terrorist financing,
based on prudential principles in order to prevent the initiation or maintenance of business relations with persons against whom international restrictive measures have been applied.
Each employee of Commercial Bank ‘EuroCreditBank’ JSC regardless of the occupied position, is continuously accountable for the importance of applying the AML / CFT rules in its daily work.