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Statement of Industrial Bank’s policy
To prevent money laundering and financing of terrorism
Money laundering undermines confidence in the international financial system. The challenges in the fight against money laundering are vast, and potential threats exist in every corner of the world. Financial regulators and law enforcement agencies keep on working hard to stay ahead of increasingly sophisticated criminals seeking to exploit the global financial system.
As a member of the financial system, Industrial Bank Co., LTD recognizes its obligation to join with governments, international organizations and other financial services organizations to close off the financial channels that money launderers and terrorist organizations use for their illicit purposes. Industrial Bank believes no customer relationship is worth compromising our commitment to combating money laundering or the financing of terrorist activities.
Industrial Bank is regulated by the People’s Bank of China and is governed by legislation on anti-money laundering and anti-terrorist financing set out in Law of the People’s Republic of China on Anti-money Laundering and other relative regulations, which implement the current recommendations developed by the Financial Action Task Force (“FATF”).
Across the Industrial Bank group we have developed written, comprehensive, enterprise wide anti-money laundering and anti-terrorist financing policies and procedures, which are approved by senior management and meet local regulatory requirements.
At Industrial Bank, Legal and Compliance Department is in charge of the Bank’s internal procedures to prevent money laundering and financing of terrorism, and also handles the reporting of large cash and suspicious transactions. All relevant employees of Industrial Bank have been trained to deal with and respond to transactions that raise a suspicion of money laundering or the financing of terrorism. Furthermore, reporting takes place without the disclosure of the employee’s identity in order to provide protection for employees.
In our Bank, policy to “know your customer” must always be complied with when customers open accounts and establish a new business relationship. Ongoing due diligence in all business relationships are conducted on the basis of a risk-based approach. We determine the appropriate level of enhanced due diligence necessary for those categories of customers and transactions that we have reason to believe pose a heightened risk of illicit activities at or through our institution.
Across Industrial Bank China, anonymous accounts are never established, and we don’t have correspondent-banking activities, direct or indirect business relationships with any banks that are not physically present in any country (shell banks).
Information concerning a customer’s identity is archived for a period of at least five years after the termination of the customer relationship. Further, documents and records concerning transactions are kept on file for a period of at least five years after the transactions have taken place.
In China, all the financial institutions are required by government authority to report large cash and suspicious transactions to Anti-money Laundering Monitor and Analysis Center of China. To fulfill this commitment, Industrial Bank has established electronic systems in place, on an ongoing basis, controls all persons, firms and organizations mentioned on any list of known fraudsters, terrorists or money launderers, as well as monitoring and reporting large cash and suspicious transactions.
For further information, please contact:
Supervisor of Anti-money Laundering Center
Legal and Compliance Department
Industrial Bank Co., LTD
154, Hudong Road, Fuzhou, Fujian, PRC