Commercial banks should mitigate business risks and ensure theirreputations by strictly implementing the Government’s regulations on theprevention of money laundering and terrorist financing, heard a seminarheld in HCM City on May 8. Illustrative photo Effective deployment of measures to fight moneylaundering and terrorist financing was essential to banks ininternational operation, Nguyen Van Ngoc, director of the State Bank ofVietnam’s Anti-Money Laundering (AML) Department, said. The Vietnamese Government’s laws to fight moneylaundering and financing for terrorists became effective in January andOctober last year, respectively, Ngoc said. Most banks have issued internal regulations onanti-money laundering and terrorist financing in line with theGovernment’s Decree 74 on AML released in 2005, he told the seminar,which was organised by the Vietnam Banks Association and technologyconsulting firm Komtek. However, banks should carefully study currentregulations and international standards to help them map out appropriateinternal regulations for the effective deployment of anti-moneylaundering methods, Ngoc said. In addition, banks should improve training fortheir staff, especially those who work directly with customers, to raisetheir awareness of AML issues and enhance their ability to detectsuspicious transactions involved in money laundering and terroristfinancing. In addition, updating customer information is an important step to detect behavior related to money laundering. “Banks should… Read full this story
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