Anti Money Laundering
Our AML Policy
The mitigation of money laundering risks plays an important role in assisting the Central Bank of Lebanon in achieving its objectives of preserving market confidence and promoting and maintaining the efficiency, transparency and integrity of the Lebanese financial sector. Also, it aims to deter criminals from using the products, services and network of Bank of Beirut for laundering the proceeds of their crimes.
In this respect, Bank of Beirut is committed to fighting money laundering and combating terrorism financing by adopting and maintaining policies, procedures, systems and controls.
Also, we strongly believe that stringent “Know Your Customer” (KYC) measures have particular relevance to safety and due diligence in that they help to protect the Bank’s image by reducing the likelihood of becoming a vehicle for, or a victim of, financial crime and, as a result, suffer reputation damage.
Therefore, Bank of Beirut KYC policy is being continuously enforced in a way so that we only bank with customers, whose sources of funds can be reasonably established to be legitimate, therefore, obstructing the utilization of our Bank as a vehicle to clean illegal funds and compromising its integrity.
Responsibility for this task lies with each and every individual in the Bank, especially when considering a customer for acceptance before entering into a relationship, and when handling each customer’s business during the life of the relationship.
Our AML Compliance Program
Bank of Beirut has established and continues to maintain a global Anti-Money Laundering Policy, designed to ensure that Bank of Beirut and all of its overseas branches and affiliates are in compliance with applicable laws, rules and regulations related to anti-money laundering and counter financing of terrorism.
Therefore, Bank of Beirut maintains Anti-Money Laundering Compliance Program which mainly provides for the following:
- Anti-Money Laundering Procedures designed to implement the bank’s Customer Identification Program and a system of internal controls to ensure that appropriate due diligence, and when necessary, enhanced due diligence, including obtaining and maintaining appropriate documentation, is conducted at account opening and updated, as necessary, through the course of the customer relationship;
- The designation of an Anti-Money Laundering Compliance Officer responsible for coordinating and monitoring day-to-day compliance with the Anti-Money Laundering Policy and applicable laws, rules and regulations;
- Recordkeeping and reporting practices in accordance with the Anti-Money Laundering Policy and applicable laws, rules and regulations;
- Appropriate methods of monitoring transactions and account relationships to identify potential suspicious activity;
- Reporting of suspicious activity to competent authorities in accordance with the Anti-Money Laundering Policy and applicable laws, rules and regulations;
- Ongoing training of appropriate personnel with regard to anti-money laundering and counter financing of terrorism issues and their responsibilities for compliance;
- Independent testing to ensure that the Anti-Money Laundering Compliance Program has been implemented and continues to be appropriately maintained.
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