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Anti-Money Laundering Compliance

Objectives and Guidelines
Fransa Invest Bank’s AML/CFT (Anti-Money Laundering/Combatting the Financing of Terrorism) Policy was developed in accordance with Fransabank’s Group AML policy, primarily aiming to set the essential standards for fighting money laundering operations and terrorism financing. 

This Policy also encompasses the following objectives:
  • Promoting a “Know Your Customer” standard as a cornerstone principle for Fransa Invest Bank business ethics and practices
  • Developing an effective internal control structure where no business with a customer is performed without obtaining all the required information relating to the customer

FIB Anti-Money Laundering – Combatting Terrorist Financing Policy
Know Your Customer

The identification of the client (individual entity or legal entity) / a bank (local or foreign) and his/her beneficial right owner, considered as being the key element in the due diligence duty, is in line with the legal requirements in terms of fighting money laundering and terrorism financing. 
Thus, the Know Your Customer form (KYC) form has to be filled-in for all types of clients and accounts in the account opening process. While updating information related to an old client, this pre-mentioned form has also to be filled-in for a second time.

Major Signs of Risk Detection

In the course of fighting money laundering and combatting terrorist financing, the duties of the bank depend on the risk that a client, an operation, a country, or a service may bring. 

Accordingly, the bank has adopted an approach that classifies risky clients and the related operations into three risk categories (low, moderate or high) and implements accordingly the appropriate preventative measures. 

Clearance

Before engaging a potential customer (individual entity or legal entity) / a bank (local or foreign), in a banking operation, the AML/CFT Compliance Department must insure that his/its name is not reflected in local or international sanction lists.