Financial Crime Risk Division
Previously named “Global AML Compliance Division”, the mandate of Financial Crime Risk Division (FCRD) was expanded to cover not only money laundering, but also other forms of financial crime. FCRD encompasses five (5) key areas: Anti-Money Laundering, Terrorist Financing, Sanctions, Bribery and Corruption, and Tax Evasion.
FCRD ensures that all operating units of the Bank comply with the requirements and obligations set out in legislation, rules, regulations, banking guidance, global best practices; and that adequate systems and controls are in place to mitigate the risk of the Bank being used as a conduit to facilitate financial crime.
Financial Crime Risk Learning Tools
What is Money Laundering?
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Money laundering is the criminal practice of processing ill-gotten gains, or “dirty” money, through a series of transactions; in this way the funds are “cleaned” so that they appear to be proceeds from legal activities. Money laundering generally does not involve currency at every stage of the laundering process.
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What is Terrorist Financing?
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Terrorist Financing is the provision of funds, whether from legitimate or illegitimate source, to individual terrorists and groups.
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What is Bribery and Corruption?
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Bribery is understood by the Bank as an offer, promise, give, or authorize others to give or, agree anyone else to offer, promise, give, or authorize others to give Anything of Value directly or indirectly, to any party to improperly obtain or retain business or to influence any Public Official, or otherwise gain an unfair business advantage. Meanwhile, Corruption is understood as the abuse of entrusted power for private gain.
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What are Sanctions?
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Sanctions are a policy tool that national governments like the US, UK, etc. and multinational organizations such as the UN and European Commission, use to constrain and deter perceived security threats, to prevent or suppress criminal activity, or to encourage a change in or to apply pressure on a target country or regime.
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What is Tax Evasion?
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Tax evasion is understood as the illegal act by a person or entity in deliberately avoiding paying a true tax liability
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