LIBANK SAL seeks to maintain at all levels of the organization a high level of risk awareness. In this environment, risks are escalated for review as and when identified, key assumptions are constructively challenged and actual or potential returns are viewed in the context of risk. There is regular risk awareness trainings provided to LIBANK managers and staff.

We ensure that individuals and organisations are not registered on special designation lists (e.g., OFAC, UN). Accounts are not approved on the books of LIBANK unless a rigorous “know your client” criteria has been met. Criteria include checks on special designation lists, criminal background, and exhaustive personal information.

LIBANK is FATCA compliant and registered directly with the IRS as a single participating foreign financial institution (FFI). Compliance is with respect to customer identification, reporting, and withholding requirements as defined in the FFI agreement. The bank has developed the related policies and procedures to comply with FATCA and has adjusted the existing policies and procedures where necessary to be in line with the new requirements.

Training has been provided to all relevant staff to raise awareness and update them with the FATCA rules and regulations, the policies and procedures and their new required responsibilities.

LIBANK is compliant with the CRS reporting from the first date of the CRS reporting in 2018. The Common Reporting Standard “CRS” is the standard for automatic exchange of financial account information developed by the OECD.

LIBANK has developed policy and procedures to comply with CRS which are updated when necessary in line with the new requirements. Periodic review has been conducted in order to be compliant with the CRS requirements.

Training has been provided to all relevant staff to raise awareness and update them with the CRS rules and regulations, the policies and procedures and their new required responsibilities.