AML Policy
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General Statement on observance of Anti Money Laundering AML and Counter Terrorism financing requirement:

 

Fenicia Bank s.a.l, licensed and regulated by the Central Bank of Lebanon, is subject to, and complies with all the Lebanese Laws and Regulations.

Money Laundering and Terrorist Financing are defined as crimes in the state of Lebanon, according to the provisions of the Law N0.44 of November 24, 2015, aiming at combating Money Laundering and Terrorist Financing (AML/CFT).

 

By adopting and maintaining local and international regulations, policies and procedures, Fenicia Bank s.a.l is firmly and tightly committed to fight money laundering, terrorist and financing of criminal activities. For this end Fenicia Bank s.a.l has implemented an AML program to meet the relevant regulatory and to comply with all the Lebanese laws, to prevent money laundering and financing of criminal activities.

The AML program ensures the following main elements:

  • A proper implementation of the directives issued by the central bank of Lebanon in fighting money laundering and countering terrorist by following the highest local and international standards and best practices in implementing the proper Due Diligence on accountholders (CDD).
  • The identification of the customer identity by keeping a proper “KYC” updated on a regular basis.
  • An ongoing training program and workshop of appropriate personal, with the purpose of upgrading the employees’ knowledge about the new trends, methods and tools developed by the criminals in money laundry operations and the means of combating them.

Fenicia Bank S.A.L complies with The Financial Action Task Force (FATF) recommendations, the secret, numbered or anonymous accounts, and the companies with a capital totally or partly constituted of bearer shares are prohibited. Furthermore Fenicia Bank SAL ascertains the identity and activity of the correspondent banks it deals with, to make sure is not a “shell bank” and it has a real existence, and conduct a due diligence on Nostro accounts that are commensurate to the level of their risks whereby it abides by the standards specified by “FATF” and “Wolfsberg principles”.

In compliance with the circulars of the regulatory authorities and the international standards, Fenicia Bank s.a.l adopts the "Risk Based Approach” methodology using a key Risk Indicators “KRI” in order to classify customers and operations, to prevent any illicit activities, and allows it to identify any associated persons who might be linked to committing bribery, or tax evasion.

 The AML Program is subject to a regular review by the Audit Department, and External Auditors. Any suspicious transaction or activities are immediately reported to SIC (Special Investigation Committee) as stipulated in Law 44.

 

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