CAC International Bank established Compliance department in December 2011 with the main objective as planning, performing, monitoring, reporting and enhancing banks procedures to address Compliance Risks and Controls to meet the requirements of Central Bank of Djibouti and Global Banking Standards. The interpretation of the compliance & AML polices as whole shall be a prerogative of the Chief Compliance Office and CEO.
Compliance department is independent management directly reporting to CEO and Board of Directors to combat money laundering and terrorism financing. This is team encompasses with qualified staff, high-tech tools, and automated systems to monitor daily transactions in the bank to assure that the business is clear from any AML/CTF suspicious transactions and Relation.
AML and CTF
CAC International Bank is achieving and adhering to Financial Intelligence Service laws, including Anti-Money Laundering (AML), combat terrorism finance (CTF) and other Financial Crimes. And to comply with this, CAC International Bank has established and periodically improving strong policies related to AML/CTF to make sure that the Bank is not utilized by its customers and channels in any AML/CTF areas.
Further, the bank initiated several methods and procedures to evaluate operational and potential risk linked with services and products aided to the customers, likewise the geographical areas which the bank identifies and analyze in order to meet Global standards in the banking sector.
“Know Your Customer” policy
KYC policy designed in the bank to meet the international standards of banking regulations and it incorporates the procedures to open/establish a banking relationship, and its top aim is to guarantee the verification -and trustworthy of the customers.
The main goal for such policy is to secure the bank form any potential suspicion related to AML/CTF that may associate with high-risk customers and to secure the bank from reputational risk, operations risk, regulatory risk and financial crime risks.
Bank has periodic training plans to exchange and enhance the staff knowledge on the updates in the global banking markets with respect to the vulnerabilities and implications Financial Crime risks. As well as, the bank keeps updating its training material in accordance with the worldwide update in AML/CTF filed.
Training will mandate the employees to know following
- Updates in AML/CTF/Sanctions and Regulatory laws?
- Staff responsibilities toward AML/CTF
- How AML laws can apply to a customer and its employees.
- How to prepare an AML suspicious case