107 / 316
AfrAsia Bank Limited and its Group Entities
Annual Report 2015
page 105
the near future be in a position to provide relevant stakeholders of the Bank with more value added solutions, insight and innovative
approach to help the organisation accomplish its objectives.
*Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organisation’s
operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and
improve the effectiveness of risk management, control and governance processes.
COMPLIANCE
The Bank’s Compliance Function is responsible for the identification and management of Compliance and Money Laundering Risk.
Internal control and risk mitigation measures are put in place and implemented to ensure compliance with the relevant laws,
regulations and internal policies and procedures.
As per the approved Compliance Plan, Compliance reviews of departments are conducted and reports are duly submitted to Senior
Management, the Compliance Committee, Audit Committee of the Board and the Board of Directors.
With the implementation of a fully automated Anti-Money Laundering Software, the Compliance Department independently reviews
transactions and the Anti-Money Laundering alerts generated based on agreed parameters, transaction amounts and frequency.
The transaction monitoring system in place also assists in the independent investigations of suspicious cases. Consequently,
appropriate decisions and actions are taken by the Money Laundering Reporting Officer.
All Transactions
conducted by
customers of
the Bank
AML
Software
Scenarios/
Parameters
Alerts generated
as per set
scenarios/
parameters
Independently
reviewed by
Compliance
Department
Alert closed
or suspicious
transaction
reported
Furthermore the Know Your Customer software in place allows KYC profiling, which is improved through enhanced due diligence,
customer identification, screening and customer risk scoring.
All customers
of the bank
are screened
KYC
Software
Parameters
Customers
classified as
High, Medium
or Low
Where required,
enhanced due
diligence is
conducted