The Republic of Belarus has in place a legal framework to combat money laundering and terrorism financing at all stages of carrying out financial transactions. In preventing money laundering and financing terrorism Bank BelVEB OJSC is governed by a number of laws and regulations.
Republic of Belarus Law on Measures to Prevent Laundering of Proceeds of Crime, Financing of Terrorism and Proliferation of Weapons of Mass Destruction No. 165-3 dated June 30, 2014;
Republic of Belarus Council of Ministers Ordinance On Procedures of Determining the List of Countries (Territories) Non-Cooperative in International Efforts to Prevent Laundering of Proceeds of Crime and Financing of Terrorism and Mode of its Publication, dated 18 December 2014, as from time to time amended and supplemented;
Republic of Belarus Council of Ministers Ordinance on Procedures of Determining the List of Participants in Financial Transactions that are Known to be Involved in Terrorism or Controlled by Individuals or Entities Involved in Terrorism and Mode of its Communication to Financial Transaction Participants, dated December 30, 2014, as from time to time amended and supplemented;
Republic of Belarus Council of Ministers Ordinance on Approving the Format of Special Report Forms to Register Financial Transactions Subject to Special Control and Instructions on Completing, Transmitting, Registering, Reviewing and Filing Special Report Forms to Register Financial Transactions Subject to Special Control, No. 367 dated March 16, 2006 as from time to time amended and supplemented;
Republic of Belarus Council of Ministers Ordinance on General Guidelines for Internal Control Policies and Procedures, No 1249 dated December 24, 2014 as from time to time amended and supplemented;
Republic of Belarus Ministry of Finance Resolution No. 96 dated November 4, 2016 on Approval of Model Internal Control Rules for Entities Engaged in Financial Transactions Whose Activities are Regulated and Supervised by the Ministry of Finance of the Republic of Belarus as from time to time amended and supplemented;
Republic of Belarus National Bank Board Resolution on Approving Instructions for Detection and Prevention by Banks and Non-Bank Credit and Financial Institutions of Financial Transactions to Launder Proceeds of Crime and Finance Terrorism, No 818, dated December 24, as from time to time amended and supplemented;
The Bank has developed and adopted the Rules of Organizing AML/CFT Internal Controls (Bank BelVEB OJSC Management Board Resolution No. 88 of June 8, 2006 as amended and supplemented by Bank BelVEB OJSC Management Board Resolution No. 28 of January 26, 2011).
Internal AML/CFT policies and procedures comprise
- a comprehensive identification of personal customers, businesses and correspondent banks. All documents submitted in the course of identification are placed in customer folders. Based on customer information obtained in the course of identification and verification of customer details, analysis of the nature of customer business/occupation and customer-generated transactions presenting heightened risks each customer is assigned an aggregate risk grade;
- procedures of suspending financial transactions where at least one of parties thereto appears to be an individual/entity involved in terrorism or controlled by an individual/entity involved in terrorism;
- procedures of detecting financial transactions subject to special control and their registering in special report forms to be submitted to the Financial Monitoring Department of the Belarus Committee of State Control;
- ongoing control exercised by the Internal Audit Department over compliance of the Bank’s structural units with internal control policies and procedures;
- appointment of the Chief Compliance Officer of the Bank to oversee and ensure an efficient functioning of the system of internal controls in the Bank and implementation of the Rules;
- and AML/CFT training of the Bank’s staff.