VAB Bank takes measures in order to combat and prevent from money laundering and terrorist financing according to the Laws of Ukraine ‘On Prevention and Counteraction of Legalization (Laundering) of Proceeds from Crime or Terrorist Financing’, ‘On Banks and Banking Activity’, Procedure for the Conduction of Financial Monitoring by Banks, approved by the Regulation of the Board of the National Bank of Ukraine No.189 dd. 14 May 2003, other regulations of the National Bank of Ukraine and the State Committee for Financial Monitoring of Ukraine.
In order to comply with the above mentioned laws and regulations, as well as FATF’s Forty Recommendations VAB Bank has established internal written policies and procedures on combating money laundering and terrorist financing, such as Rules of Internal Financial Monitoring, Know Your Customer Program, Program for Assessment & Management of Risk of Money Laundering or Terrorist Financing and dedicated programs of conducting financial monitoring by the Bank’s employees when performing various types of transactions.
The Rules of Internal Financial Monitoring determine the structure of the Bank’s internal anti-money laundering system, establish the procedure for detection of financial transactions subject to financial monitoring, suspicious transactions, persons conducting them and persons engaged in terrorist activity, the procedure for reporting such transactions to an appropriate authority on financial monitoring – State Committee for Financial Monitoring of Ukraine.
When establishing correspondent relations VAB Bank ascertains whether a correspondent financial institution takes appropriate anti-money laundering measures. The Bank does not establish correspondent relations with financial institutions which do not take appropriate anti-money laundering measures and do not have physical presence in the country of registration (“shell banks”).
VAB Bank neither opens nor maintains anonymous (numbered) accounts.
The Bank carries out customers’ identification on the basis of original documents presented by customers or copies of such documents certified by notary or by an authority which issued the documents, and, if necessary, on the basis of information received from governmental authorities, banks, other legal entities, and other sources.
The Bank combats terrorist financing by checking whether the parties of financial transactions are listed in the list of persons connected with terrorist activities.
VAB Bank has a special separate department in charge of prevention from money laundering, Internal Financial Monitoring Department, headed by the Bank’s Compliance Officer.
In compliance with the Program of training and advanced training of VAB Bank’s employees on anti-money laundering the Bank’s regularly holds training and advanced training of the branches’ compliance officers and employees engaged in the directly detection of financial transactions subject to financial monitoring.
For the purposes of complying with the USA PATRIOT Act the Bank signed the applicable Certification with regard to VAB Bank’s correspondent accounts with the US banks.
For any questions related to VAB Bank’s AML Policy please do not hesitate to contact us at fi@vab.ua.
Downloads
USA PATRIOT Act Certification
Wolfsberg Group AML Questionnaire
Print version
