AUB policy to counteract the laundering of the illicitly-acquired funds

Counteraction to legalization of illicitly-acquired funds is an urgent task for many countries and international organizations today. In order to resist using of the Bank for legalization of illicitly-acquired funds and financing of terrorist activities, to protect its good reputation among the Bank’s customers and business partners as well as in the public in general, OJSC “AsiaUniversalBank” has developed its own anti money laundering Policy in full conformity with the generally accepted international standards of counteraction to legalization of illicitly-acquired funds and financing of terrorist activities and with the observance of the Kyrgyz Republic legislation requirements and regulatory norms of the National Bank of the Kyrgyz Republic.

The Bank has also developed a number of internal normative documents enabling to identify customers and beneficiaries, analyze customers’ economical activity and sources of their incomings and assets as well as to define the signs of unusual and/or suspicious transactions.

AUB has established a dedicated Financial Control and Compliance Department, which is accountable for counteraction to legalization of illicitly-acquired funds and financing of terrorist activities. The main purpose of the Department in counteraction to legalization of illicitly-acquired funds is monitoring and analysis of customers’ accounts and transactions and revealing unusual and/or suspicious transactions.

The Bank tracks out all cash means transactions for the purpose of counteracting to use of the Bank’s services by any terrorists and terrorist organizations according to the list approved by OFAC (Office of Foreign Assets Control of the US Department of Treasurу), to the international UN ”black list”, as well as to the national “black list” of Financial Intelligence Service of the Kyrgyz Republic “.

In order to effectively counteract to legalization of illicitly-acquired funds, the Bank installed an automated control system for preventing the possibility of payments to countries and territories, which are not fully cooperative to support the international fight against money laundering and financing of terrorist organizations.