The Bank is committed to prevent its entity as a source of money laundering and supporting financial to terrorist and proliferation of weapon of mass destruction. The Bank has realized the importance of complying with the regulations regarding anti-money laundering, counter terrorism and proliferation of weapon of mass destruction financing, therefore the AML/CTPF Policy, Procedure and Working manual were established to ensure that the bank’s business operations comply with regulations which stated:
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Know Your Customer (KYC) & Customer Due Diligence (CDD) : Before establishing relationship with customer, KBank performs KYC measure by requesting customer to provide information/documents as required by regulations for identification and verification. Customer Due Diligence (CDD) measures, both Face-to-face and Non-face-to-face, are also applied against customer to assess the customer risk level. For Non-face-to-face channel, the Bank shall have the customer provide complete information and evidence, attesting to the customer’s identity prior to approval of the first transaction.
Establishing a business relationship with high risk customer, calculated by considering customer profile, countries, business and product usages, the customer would be subject to an approval by senior management level or specially assigned officer, Enhance Due Diligence process and regularly review customer information. -
Sanction Screening : Prior to establishing a relationship/conducting transaction, the Bank screens customer and related person in transaction against sanction lists which include Thailand Designated list, announced by Anti-Money Laundering Office and international sanction lists pursuant to international standard. This also includes the list of known or suspected terrorists issued by competent authorities.
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Political Exposed Persons (PEPs) : The bank imposes Political Exposed Persons (PEPs) to be high risk factor. This requires Enhanced Due Diligence process, and regularly monitor on customer information. Establishing a relationship with PEPs would be subject to an approval by senior management level or specially assigned officer.
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AML/CTPF Risk Management : The Bank sets up process to identify and verify a customer and to assess a customer’s ML/TPF risk in order to collect information and evidence of identification in accordance with the customer’s ML/TPF risk level. In addition, the bank reviews customer information and conduct proper risk management on a regular basis.
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Transaction Monitoring : The Bank monitors customers’ financial movements and review unusual or suspicious transactions until termination of business relationship as required by laws to assess whether transactions conducted by a customer are consistent with objective, occupation and income source of a customer or not.
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Transaction Reporting : the Bank has transaction reporting system to ensure that the Bank’s transaction reporting i.e. Cash Transaction, Asset Transaction, Electronic Fund Transfers Transaction and Suspicious Transaction complies with the regulations.
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Record Keeping : the Bank maintains information, documents or evidences for 10 years after the end of business relationship as imposed by regulations. All relevant materials must be maintained in a proper way and must be in conditions that can be retrieved for verification or for use as evidences in compliance with the laws.
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Training and Communication : the Bank arranges AML/CTPF training courses for staffs to build up knowledge regarding anti-money laundering and counter - terrorism and proliferation of weapon of mass destruction financing via various channels. Knowledge assessment is required to evaluate their understanding after the training.
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Independent Audit : The Bank has an independent audit to regularly evaluate the implementation of AML/CTPF policy and procedure to ensure that they are followed accordingly. In addition, the Bank is subject to assessment by related regulators.
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ML/TPF risk assessment (Self-assessment) : The Bank performs annually ML/TPF risk assessment within the organization by assessing an overall ML/TPF risk of the Bank, taking into account of money laundering, financing of terrorism and proliferation of weapon of mass destruction risk factors e.g. customer profile, geography, product or service, transaction characteristics, service channel and result of National Risk Assessment. The risk mitigation measures on ML/TPF are established to improve AML/CTPF risk management. In addition, Internal Audit Department regularly performs assessment of monitoring procedures to ensure the procedures are being followed accordingly and the Bank is subject to assessment by related regulators.