The main elements of the program in the field of prevention and combating money laundering and terrorism financing in B.C ”Victoriabank” S.A.
The program of B.C. "Victoriabank" S.A. in the field of prevention and combating money laundering and terrorist financing (hereinafter referred to as the Program) is elaborated in accordance with the national legislative provisions/forecast of 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.
In order to ensure the Bank's prudential management, adequate risk management to which it may be exposed, the program establishes the rules of customer knowledge and acceptance, which establishes the category of clients based on risk, only after adequate identification and knowledge of their actual effective beneficiaries, their effective control on the basis of original documents, based on prudence principles in order to prevent the establishment or maintenance of business relations with persons against whom international sanctions have been applied or persons who have been convicted of criminal offenses for money laundering or terrorist financing.
Equally important is the permanent monitoring rule, which aims at providing efficient internal mechanisms for monitoring transactions and business relationships, determining the purpose and nature of the business relationship, interpreting the ordinary type of customer activity, and monitoring complex and unusually transactions to prevent and combat money laundering and terrorist financing.
The Bank retains the documents and information obtained from the identified clients and beneficiaries as well as their transactions (transactions) for at least 5 years after the termination of the business relationship.
In order to adequately manage the PAMLFT field at the Bank level, every employee of B.C. "Victoriabank" S.A., regardless of its position or business line, has continuous training for understanding and preventing the phenomenon of "money laundering and terrorist financing".