COMPLIANCE, AML AND CFT

IVBB conforms thoroughly with the mandated requirements such as national and international principles set by the CBI. IVBB tries to accomplish a full compliance through its management processes which identify the applicable requirements (defined in laws, regulations, contracts, strategies and policies), assess the state of compliance on a regular basis, assess the risks and potential costs of non-compliance against the projected expenses to achieve compliance, and accordingly prioritize, fund and initiate any corrective actions considered necessary to reach an optimal status accordingly.

The entire processes and functions in IVBB are fully compliant with nationally-mandated and internationally-recognized principles and standards. IVBB follows a strict compliance and AML regime and considers FATF protocols in its operations. These efforts, co IVBB on a regular basis and asked in special times reports to the CBI and discloses its whole financial statements on monthly, quarterly and yearly bases. Internally, the Departments of Internal Audit, Inspection, and Compliance and AML& CFT, along with the Board and management committees, oversee the core businesses of IVBB to be in compliance with the pertinent rules and regulations and international standards.

The AML and CFT procedures are all carried out using IVBB AML system which is linked to the AML system of the CBI. The following operations are done in IVBB to make sure the entire operations are in full compliance with AML and CFT principles and standards:

· Assessing customers’ information on a regular basis

· Making Suspicious Transaction Report (STR)

· Implementing thorough due diligence on customers’ claimed information to detect and screen false information

· Regular checking of IVBB operations based on national and international principles and standards

· Controlling cash deposits and withdrawals and making Currency Transaction Report (CTR)

· Regular reporting to the CBI in response to Financial Intelligence Unit (FIU) inquiries

· Controlling KYC operations in detail


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