COMPLIANCE AND LEGAL
Anti-Money Laundering/Counter Financing Terrorism (CFT)
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 includes 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.