Anti-Money Laundering and Counter-Terrorism Financing Principles
The purpose of Anti-Money Laundering (“AML”) and Counter-Terrorism Financing (“CTF”) laws and regulations globally is to prevent criminals from laundering funds and financing terrorism.
Money laundering and terrorism financing undermines the confidence of the public in the international financial system and presents a reputational risk to Hellenic Bank.
Hellenic Bank is committed to combating money laundering and terrorism financing (“ML & TF”) and complying with the Cyprus Anti-Money Laundering Laws 2007 to 2018, and other applicable legal and regulatory requirements. Hellenic Bank has zero tolerance for Economic Sanctions ("ES") breaches.
Consistent with Hellenic Bank’s compliance culture, Hellenic Bank’s approach to controlling ML & TF risk is governed by the following key principles:
- Compliance with AML & CTF laws and regulations;
- Cooperation with and support of regulators and law enforcement agencies in their efforts to prevent, detect and control money laundering and terrorism financing;
- Provide customers with products and services consistent with Hellenic Bank’s ML & TF risk appetite and code of conduct, and
- Adherence to the requirements of Hellenic Bank’s Group AML & CTF Program.
Hellenic Bank’ s Group AML & CTF Program is commensurate with Hellenic Bank’s risk profile and is approved by Hellenic Bank’s Board of Directors. The Group AML & CTF Program is documented in written policies and procedures, including the AML, CTF Policy, and provides a group consistent system of controls to identify and mitigate ML & TF risks and comply with AML & CTF laws and regulations.
The Group AML & CTF Program is structured to reflect Hellenic Bank’s AML & CTF Control Framework aiming to prevent, detect and report suspicious activity. This framework includes:
- Written AML & CTF policies and procedures covering Customer Due Diligence, Know Your Customer and Know Your Transaction requirements, Transaction Monitoring and Reporting of Suspicious Activity;
- ML & TF Risk Assessment;
- AML & CTF automated monitoring and screening systems;
- A designated AML Compliance Officer;
- An ongoing employee training program;
- Records Retention, and
- An independent audit function to test the AML & CTF Program.