Anti-Money Laundering & Counter Financing of Terrorism Policy and Internal Control Measures
Ayeyarwady Bank comply with SPDC, The Control of Money Laundering Law No.6/2002 and regulations of Central Bank of Myanmar and to the extent possible, adopt the recommendations of FATF. The Bank’s AML/CFT Policy establishes governing principles and procedures to protect Ayeyarwady Bank from being used or implicated in money laundering or counter terrorist financing activities.
AYA BANK AML/KYC Questionnaire
Know Your Customer Policy
- Customer Acceptance Policy - Having a clear customer acceptance policies and procedures, including a description of the types of customers that are unacceptable to bank management.
- Customer Due Diligence Measures - Establishing a systematic procedure for verifying the identity of new customers and not entering into a business relationship until the true identity and ownership structure of a new customer is satisfactorily established.
- On-Going Monitoring of High Risk Transactions and Accounts - Understanding of normal and reasonable account activity of customers and to have in place a system in place to detect unusual suspicious patterns of activity.
Reporting of Suspicious Transactions upon detection of suspicious transactions immediately to the designated officers of the bank
Record keeping by establishing and retaining relevant and important documents, details of suspicious transactions in accordance with bank’s and regulatory requirements in substance and time.
- The Bank shall comply with SPDC, The Control of Money Laundering Law No.6/2002 and regulations of Central Bank of Myanmar and to the extent possible, adopt the recommendations of FATF
- Compliance Officer appointed to establish and maintain internal policy, procedures and manual of compliance and to ensure compliance by staff
- Training for staff to facilitate the recognition and reporting of money laundering activities.
- Internal Audit to check compliance with and effectiveness of the measures taken to apply the AML/CFT guideline and present law once every year.