Introduction

Bank of Solidus is committed to preventing money laundering and terrorist financing activities. This Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) Policy outlines our responsibilities and measures to detect, prevent, and report these activities.

Definitions

• Bank: Refers to Bank of Solidus.
• User/Customer: Refers to anyone using the services provided by Bank of Solidus.
• Services: Includes all banking services offered by Bank of Solidus, including but not limited to online banking, mobile banking, savings accounts, checking accounts, family saving accounts, high fixed income accounts, current accounts, and kids accounts.
• AML: Anti-Money Laundering.
• CTF: Counter-Terrorism Financing.

Regulatory Framework

Bank of Solidus complies with the AML and CTF regulations of .km and adheres to international laws and standards, including recommendations from the Financial Action Task Force (FATF).

Customer Due Diligence (CDD)

• Know Your Customer (KYC): Collecting and verifying customer information such as name, address, date of birth, and identification documents.
• Enhanced Due Diligence (EDD): Conducting additional checks for high-risk customers, including those from high-risk countries, politically exposed persons (PEPs), and customers with complex business structures.

Monitoring and Reporting

• Transaction Monitoring: Continuously monitoring customer transactions to identify unusual patterns or activities.
• Suspicious Activity Reports (SARs): Reporting any suspicious activities to the relevant authorities in .km as required by law.
• Record Keeping: Maintaining records of all transactions and customer information for a minimum of five years, as required by law.

Training and Awareness

• Regular Training: Providing regular training sessions to employees on AML and CTF policies and procedures.
• Awareness Programs: Conducting awareness programs to educate employees about the risks of money laundering and terrorist financing.

Risk Management

• Risk Assessment: Conducting regular risk assessments to identify and evaluate the risks associated with different customer segments and products.
• Mitigation Measures: Implementing appropriate measures to mitigate identified risks, including enhanced due diligence and transaction monitoring.

Internal Controls

• Compliance Officer: Appointing a dedicated Compliance Officer responsible for overseeing AML and CTF compliance.
• Audit and Review: Conducting regular audits and reviews of AML and CTF policies and procedures to ensure their effectiveness.

Cooperation with Authorities

• Information Sharing: Sharing information with regulatory and law enforcement authorities as required by law.
• Compliance with Requests: Responding promptly to requests for information from regulatory and law enforcement authorities.

Changes to This Policy

Bank of Solidus may update this AML and CTF Policy from time to time. We will notify you of any changes by posting the new policy on our website. Your continued use of our services after any changes indicates your acceptance of the new terms.

Contact Us

If you have any questions about this AML and CTF Policy, please contact us at:
Bank of Solidus
Customer Support
Email: support@bankofsolidus.com