The Due Diligence (CDD) regulations, Account and Transaction AML

The CIMB branch has a good management of anti-money
laundering alerts. The Anti-Money Laundering frameworks and supporting system
of CIMB facilitate the AML risk, client and transaction checking system, which
consist of Watchlist and Sanction Management, ‘Know Your Customer’ and Customer
Due Diligence (CDD) regulations, Account and Transaction AML Monitoring as well
as Payment and Sanction Filtering.

First and foremost, CIMB possess an assortment of Watchlist and sanction list management. That
is, CIMB able to accurately match their customer databases against watch lists
and ready to consistently monitoring list sources for increments and
amendments, quickly updating records with the most recent changes, and parsing,
standardizing as well as re-arranging list information before matching. Hence,
CIMB will be able to ensure their customers are
state the true identity, and checking to ensure they have not been placed on
any sanctions lists in the entire world. The management of Watchlist is run
well and can identify Politically Exposed Persons, thus verify that money
managed in the name of PEPs is not achieved from criminal actions. 

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Besides, CIMB was doing well in the aspect of ‘Know
Your Customer’ and Customer Due Diligence to manage anti-money laundering. CIMB
having a systematic process of identifying new customers and they will not
establish bank relationships with customer until their new clients’ identities
have been satisfactorily verified. When the CIMB realizes that there is not
enough information about existing customers, they will check and contact
customer to ensure that all relevant information can be attained as quickly as
possible. By knowing the customer, CIMB will be more understanding the normal
and reasonable account transaction or activity of the client and can
effectively control and decrease the risk. Hence, CIMB have a way to identifying
the transactions that are not in the normal mode of account activity. Overall,
CIMB will be able to manage well in client identification and record keeping;
promote diligence in detecting and reporting suspicious transactions. 

Last, CIMB apply Anti-money laundering (AML) transaction monitoring
software to monitor their client transactions each day for risk. The
transactions which CIMB can be monitored consist cash deposits and withdrawals,
wire transfers as well as ACH activity. By combining the data with
the examination of customers’ past data and record profile, CIMB can obtain
“whole picture” analysis of a client’s profile, risk levels, and predicted
future action, and can also produce reports and make alerts to suspicious
activity.