About us

AML Declaration

Declaration regarding AML, CTF and KYC within FFA Group
FFA Private Bank has made it a priority to combat money laundering and terrorist financing. FFA Private Bank prides itself of being able to identify and understand risks of money laundering and terrorist financing in order to apply preventive measures through its Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF) policies and procedures, which are in line with the Financial Action Task Force on money laundering (FATF) and international standards.

In light of our changing environment, FFA Private Bank continually evaluates the strength and relevance of its existing policies, procedures and employee training programs and, if necessary, updates them to address these changes.

Below is a summary of what FFA Private Bank AML and CTF policies and procedures:
  • FFA Private Bank has a legal and regulatory compliance program that includes a designated officer that is responsible for coordinating and overseeing the AML framework.
  • Proper Know-Your-Customer (KYC) practices are central, and the knowledge of the customer provides a basis for understanding the general activities in which a customer usually would be expected to engage.
  • FFA Private Bank developed written policies documenting the processes in place to prevent, detect and report suspicious transactions.
  • In addition to inspections by the government supervisors/regulators, FFA Private Bank internal audit and external auditors assess AML policies and practices on a regular basis.
  • FFA Private Bank has a policy prohibiting accounts/relationships with shell banks.
  • FFA Private Bank has policies covering relationships with Politically Exposed Persons (PEP), their family and close associates.
  • FFA Private Bank has a risk-based assessment of its customer base and their transactions.

All customers are screened against the local and international lists on Refinitiv/WorldCheck One.

FFA Private Bank is fully informed of the laws and regulations governing its correspondents abroad and deals with them in compliance with such laws and regulations. FFA Private Bank is committed to abide by the laws, regulations, procedures, sanctions and restrictions adopted by international legal organizations and/or by the sovereign authorities in the correspondents’ home countries, including but not limited to, bills passed by the U.S. congress.

FFA Private Bank does not deal with or facilitate transactions or provide financial services to entities designated as terrorist or criminal organizations by local authorities, international organizations and sovereign authorities in countries where it maintains correspondent accounts. Furthermore, FFA Private Bank does not deal with or facilitate transactions or provide financial services to a person if it has any suspicion that this person is acting on behalf of, or is owned or controlled by such designated entities and refrains from facilitating transactions or providing financial services if it suspects that such transactions or financial services are linked to such designated entities or any criminal and/or terrorist activity.