CIBFx is dedicated to preventing and detecting money laundering and terrorist financing. The company acknowledges the inherent risks associated with its products and services. To maintain compliance, the organization allocates resources for internal controls, monitoring systems, and staff training to deter financial crime. All employees, directors, officers, and agents must adhere to these policies, with potential disciplinary consequences for non-compliance.
A senior management figure is designated as the Anti Money Laundering Compliance Officer (AMLCO) who oversees compliance and AML strategy. Their responsibilities include ensuring compliance with money laundering regulations, investigating internal reports, approving relationships with Politically Exposed Persons (PEPs), and ensuring staff are well-versed in AML laws.
CIBFx conducts regular risk assessments to evaluate the risk of money laundering and terrorist financing. Customer due diligence measures vary based on the level of risk, with Enhanced Due Diligence applied to high-risk individuals.
CIBFx diligently evaluates all potential customers, taking into account various factors, including customer characteristics, transaction history, and geographical locations, to assess the risk of money laundering and terrorist financing.
The AMLCO is responsible for reporting any suspicious activities linked to money laundering or terrorist financing using Suspicious Transaction Reports (STRs). Handling communications with sensitivity is crucial, and tipping off individuals under suspicion is strictly prohibited.
The company continuously monitors transactions and related documentation to ensure consistency. The system identifies unusual transactions, which are then promptly reviewed.
In the event of any suspicious activity, immediate contact should be made with firstname.lastname@example.org.