International Investment Bank Against Fraud and Corruption
The Council of International Investment Bank has approved its new ‘Policyof anti-money laundering and combating the financing of terrorism, fraud and corruption’. The given document was drawn within the frames of the transformation of IIB, and for the first time throughout its history the Bank formulated its principles, standards and implementation strategy of corresponding procedures within the current activity of the Bank.
This document was prepared on the basis of the recommendations given by OECD, FATF, Basel Committee on Banking Supervision and the best practices of the leading banks for development in the field of risk management in order to prevent money-laundering, the financing of terrorism as well as risk management connected with corruption and fraud.
The approved document prohibits any involvement of the Bank, its employees and agency banks in corruptive and fraudulent operations, and it establishes zero tolerance towards any such action. The Bank expects its agency banks to adhere to the given Policy and take active position on the implementation of the events envisaged within the frames of the Policy as a part of international effort in the sphere of AML/CFT/F/C.
The given Policy covers regular and systematic measures for reducing the risks of AML/CFT/F/C to the possible minimal level. In order to prevent prohibited forms of activity the Bank applies a wide range of tools of internal control and takes specific measures in this connection. Before establishing any relations with an agency bank, the Bank conducts due diligence which is based on a risk-oriented approach and performed by a specially created subdivision of the compliance control department.
In accordance with the Policy, the Bank monitors operations of the agency bank and by applying specific criteria it identifies potentially dangerous areas, which require special attention and more profound examination. More than that, in order to protect its information the Bank establishes a special confidentiality mode when it comes to information concerning agency banks and their measures of internal control for the purposes of AML/CFT/F/C.
Efficient work with the given risks depends mainly on the awareness and professional integrity of the personnel, which is why the Bank regularly organizes trainings for its employees vulnerable to the risks of AML/CFT/F/C.
Creating an efficient system corresponding to the best world practices of prevention and minimization of criminal operations marks yet another step taken by the IIB on the way to its transformation into a modern institution for development.