KBZ Bank: Compliance Policy

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KBZ Bank Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Statement

Kanbawza Bank Limited (KBZ Bank) as a responsible member of the international banking system is committed to complying with the applicable Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws and regulations in the jurisdictions in which we operate.

As part of KBZ Bank’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Program, we:

  • Do not serve anyone on the sanctions lists issued by the UN, the EU, the US (including the Office of Foreign Asset Control (OFAC)) and all applicable local regulatory sanctions lists in the jurisdictions in which KBZ Bank operates.
  • Block or reject transactions where KBZ Bank is obligated to do so under the applicable sanctions laws or regulations or where the transactions are not within our risk appetite.
  • Restrict and prohibit business activities, personal transactions, customer relationships or facilitating transactions that we believe:
    • may violate the applicable sanctions laws, whether directly or indirectly;
    • involve individuals, entities or vessels listed on an official sanctions list by the UN, EU, OFAC or the local regulatory sanctions list directly or indirectly;
    • are residing in, or operating from a sanctioned country/location;
    • may potentially circumvent applicable sanctions laws or contradict the spirit of such sanctions laws.

KBZ Bank uses the Oracle Financial Services Analytical Applications (OFSAA) to conduct our automated screening and transaction monitoring to detect money laundering by detecting unusual customer behaviour and suspicious money movements through advanced analytics industry-proven scenarios.

KBZ Bank subscribes to the REFINITIV World Check database that provides us with accurate and reliable data to fulfil our KYC and screening obligations that provides us with comprehensive information on Global Sanctions Lists, Politically Exposed Persons (PEPs), Global Regulatory and Law Enforcement Lists, Vessel Information, Negative Media and other information.

To ensure compliance with any Anti-Money Laundering and Counter-Terrorism Financing regime, customers may be required to provide KBZ Bank with additional information as and when necessary.