Bank Windhoek has introduced a new anti-money laundering system, which it says, would provide a complete overview and assessment of the client’s banking behaviour from the time the client opens an account with the bank to the time of the account being terminated.
“Although Bank Windhoek has been complying and continues to comply with the requirements of the Financial Intelligence Act (FIA), the new system will make it easier for Bank Windhoek to gather all information required to submit regular reports of suspicious transactions and activities to the Financial Intelligence Centre (FIC) of the Bank of Namibia.
The system also helps to group clients in different risk categories to enable the bank to effectively use resources to monitor clients that are deemed to be, or assessed as, high risk,” said Almarie Bartsch, Chief Compliance Officer at Bank Windhoek.
The system also allow the bank to carry out checks during client acceptance and the on-going client due diligence process to “identify high risk customers such as politically exposed persons as well as persons or organisations that are subject to sanctions, understand the risks in our client base throughout the whole client life cycle to avoid doing business with risky clients and to make risk-based decisions.
“The system allows for monitoring of suspicious transactions, automatically identifies and classifies suspicious behaviour and detects and stops all transactions to and from individuals and organisations named in sanction lists.”
Further, the payment transactions will be monitored in real time and will be checked against national, international and own sanction lists.
“Although Bank Windhoek has been complying and continues to comply with the requirements of the Financial Intelligence Act (FIA), the new system will make it easier for Bank Windhoek to gather all information required to submit regular reports of suspicious transactions and activities to the Financial Intelligence Centre (FIC) of the Bank of Namibia.
The system also helps to group clients in different risk categories to enable the bank to effectively use resources to monitor clients that are deemed to be, or assessed as, high risk,” said Almarie Bartsch, Chief Compliance Officer at Bank Windhoek.
The system also allow the bank to carry out checks during client acceptance and the on-going client due diligence process to “identify high risk customers such as politically exposed persons as well as persons or organisations that are subject to sanctions, understand the risks in our client base throughout the whole client life cycle to avoid doing business with risky clients and to make risk-based decisions.
“The system allows for monitoring of suspicious transactions, automatically identifies and classifies suspicious behaviour and detects and stops all transactions to and from individuals and organisations named in sanction lists.”
Further, the payment transactions will be monitored in real time and will be checked against national, international and own sanction lists.
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