Our AML Compliance Program
Bank of Beirut has established, and continues to maintain, a global Anti-Money Laundering Policy designed to ensure that Bank of Beirut and all its overseas branches and affiliates are in compliance with applicable laws, rules and regulations related to anti-money laundering and counter financing of terrorism.
Responsibility for this task lies with each and every individual at BoB when considering a customer for acceptance. All client relationships are KYC evaluated from new account acceptance and throughout the life of the business relationship.
The program provides the following safeguards:
- Anti-Money Laundering Procedures designed to implement the bank’s Customer Identification Program and a system of internal controls to ensure that appropriate due diligence, and when necessary, enhanced due diligence, is conducted at account opening and updated as necessary by obtaining and maintaining appropriate documentation;
- The designation of an Anti-Money Laundering Compliance Officer responsible for coordinating and monitoring day-to-day compliance within the Anti-Money Laundering Policy and applicable laws, rules and regulations;
- Recordkeeping and reporting practices in accordance with the Anti-Money Laundering Policy and applicable laws, rules and regulations;
- Appropriate methods of monitoring transactions and account relationships to identify potential suspicious activity;
- Reporting of suspicious activity to competent authorities in accordance with the Anti-Money Laundering Policy and applicable laws, rules and regulations;
- Ongoing training of appropriate personnel with regard to anti-money laundering and counter financing of terrorism issues and their responsibilities for compliance;
- Independent testing to ensure that the Anti-Money Laundering Compliance Program has been implemented, and continues to be appropriately maintained.