At West Zane Bank (“WZB”) we ensure appropriate measures are taken for the prevention of financial crime and we have adopted procedures to detect and deter money laundering, terrorist financing or other illegal activities. We have Money laundering Reporting Officer (MLRO) to keep a close check on the conduct of business and a whistleblower policy for such situations is in place.
In addition to that, we have a comprehensive Anti-Money Laundering (“AML”) policy for the guidance of our employees in order to prevent, detect and report any financial crime perpetrated through money laundering similar illegal activities. Our policy aims to serve the objectives below:
The reporting and detection of suspected money laundering to the authority;
All staff are trained to remain vigilant for the signs of money laundering
Due diligence and client identification procedures will be followed by all staff and at all times
To maintain strict and robust controls and procedures to detect and report any suspicious activity
Frequent risk assessment and audits of all AML and terrorist financing controls and systems.
Know Your Customer
(“KYC”):
At WZB, we go have thorough KYC checks to ensure the true identity of our clients in terms of who we are dealing with. Our usual procedure involves the following:
