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Attaching great importance to the efforts of the international community of states and the international banking community to combat the legalization (laundering) of proceeds from crime and the financing of terrorism, the International Bank for Economic Co-operation pays special attention to issues of compliance with international law, as well as the requirements of the legislation of the host country in the field of countering legalization (laundering) of proceeds from crime and financing of terrorism (hereinafter - AML / CFT).
In accordance with the recommendations of intergovernmental organizations involved in the development of global AML / CFT standards, the legislation of the Bank's member countries, as well as the practical experience of leading European and Russian financial institutions, IBEC implements a set of organizational and control measures aimed at AML / CFT.
The Bank has developed and applies the Internal Control Rules in order to counter AML / CFT and other internal regulatory documents that meet the requirements of modern international banking in this area.
In accordance with the recommendations of intergovernmental organizations involved in the development of global AML / CFT standards, the legislation of the Bank's member countries, as well as the practical experience of leading European and Russian financial institutions, IBEC implements a set of organizational and control measures aimed at AML / CFT.
The Bank has developed and applies the Internal Control Rules in order to counter AML / CFT and other internal regulatory documents that meet the requirements of modern international banking in this area.
Basic compliance principles of the Bank
The Bank maintains a high level of business reputation and does not allow the involvement of IBEC in dubious financial transactions
Particular attention is paid to the implementation of the “Know Your Customer” (KYC) principle, which sets requirements for the completeness of information provided by clients about themselves and their counterparties and verification of such information.
IBEC builds cooperation with banks located at the address of their location and excludes any interaction with banks registered in countries that are not involved in AML / CFT.
The Bank does not enter into contractual relations with financial institutions that do not have a physical presence in the countries of its incorporation, and also does not enter into such relations with banks registered in states (territories) that are not involved in international cooperation in the field of AML / CFT.
IBEC has implemented an internal control system in all its internal business processes,
in which compliance with compliance standards is the responsibility of every employee of the Bank, and confirms its adherence to high ethical standards and principles of open and honest activities, as well as the Bank's commitment to follow international best practices in ensuring compliance with the rules and regulations of business and professional ethics.
The Bank's immunity from applicable sanctions and embargo regimes, which is due to its international status, does not provide prerequisites for softening its compliance procedures.
So, in particular, sanctioned compliance is one of the main components of the Bank's compliance model, along with tools for AML / CFT, as well as a general set of measures for managing compliance risk based on international experience, implemented in the internal procedures of the IBEC.
Compliance procedures
The Bank's status as an international organization is prescribed to apply the full range of compliance procedures stipulated by applicable law, as well as best practices recommended for use by international organizations and associations (FATF, OECD, Wolfsberg Group, etc.).
The main element aimed at the smooth functioning of IBEC is the implementation of a set of measures to exclude the possibility of involving the Bank and its employees in illegal activities, including the legalization (laundering) of proceeds from crime and the financing of terrorism.
As part of its mission, the Bank adheres to the need to comply with sanctions regimes and embargo programs, which provides for the implementation of the specified functionality into its compliance model.
The Bank is an active participant in the exchange of tax information.
The fact of the multinational subject composition of the Bank provides for the implementation of increased ethical requirements for the bank's employees, for its management, as well as for its counterparties.
The main element aimed at the smooth functioning of IBEC is the implementation of a set of measures to exclude the possibility of involving the Bank and its employees in illegal activities, including the legalization (laundering) of proceeds from crime and the financing of terrorism.
As part of its mission, the Bank adheres to the need to comply with sanctions regimes and embargo programs, which provides for the implementation of the specified functionality into its compliance model.
The Bank is an active participant in the exchange of tax information.
The fact of the multinational subject composition of the Bank provides for the implementation of increased ethical requirements for the bank's employees, for its management, as well as for its counterparties.