Compliance to regulatory, internal guidelines and international standards is one of the key objectives of FMFB-A. The Board and Senior Management are committed to sticking to the highest standards of regulatory and internal guidelines. This ensures that the Bank’s operations are conducted within the range of legality and the broader standards of integrity and ethical conduct.
Enforcing strict compliance allows FMFB-A to detect and stop violation of laws, regulation and internal policies, protect its shareholders’ and employees’ integrity, treat customers fairly, earn trust and credibility, and save itself from unnecessary regulatory penalties.
The Compliance Department of FMFB-A acts in accordance with the Bank’s policies, oversees compliance aspects and management of compliance risks faced by the Bank. Additionally, the department monitors the implementation of Know-Your-Customer (KYC), Anti Money Laundering (AML), Combating Terrorist Financing (CTF), and reporting of suspicious transactions guidelines in the Bank. For better compliance with AML/CFT Laws, regulations and international standards, FMFB-A implements the following systems:
- FCCM for Monitoring and profiling: FMFB-A has acquired and implemented efficient profiling and transaction monitoring system (Oracle FCCM solutions for AML/CFT and KYC), which is competent to automatically assess customers’ risk and alert the pre-defined risk-based scenarios.
- Acuity for Sanction Screening: FMFB-A has installed a compliance sanction screening software (ACCUITY) that also includes built-in AML-Compliance software called online compliance for automatically screening the transactions against public sanctions and compliance solutions (UN, OFAC and European black lists). Each customer and every fund transactions are automatically screened against the public sanctions.