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

The CIMB branch has a good management of anti-moneylaundering alerts.

The Anti-Money Laundering frameworks and supporting systemof CIMB facilitate the AML risk, client and transaction checking system, whichconsist of Watchlist and Sanction Management, ‘Know Your Customer’ and CustomerDue Diligence (CDD) regulations, Account and Transaction AML Monitoring as wellas Payment and Sanction Filtering. First and foremost, CIMB possess an assortment of Watchlist and sanction list management. Thatis, CIMB able to accurately match their customer databases against watch listsand ready to consistently monitoring list sources for increments andamendments, 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 arestate the true identity, and checking to ensure they have not been placed onany sanctions lists in the entire world. The management of Watchlist is runwell and can identify Politically Exposed Persons, thus verify that moneymanaged in the name of PEPs is not achieved from criminal actions. Besides, CIMB was doing well in the aspect of ‘KnowYour Customer’ and Customer Due Diligence to manage anti-money laundering. CIMBhaving a systematic process of identifying new customers and they will notestablish bank relationships with customer until their new clients’ identitieshave been satisfactorily verified.

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When the CIMB realizes that there is notenough information about existing customers, they will check and contactcustomer to ensure that all relevant information can be attained as quickly aspossible. By knowing the customer, CIMB will be more understanding the normaland reasonable account transaction or activity of the client and caneffectively control and decrease the risk. Hence, CIMB have a way to identifyingthe 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 monitoringsoftware to monitor their client transactions each day for risk.

Thetransactions which CIMB can be monitored consist cash deposits and withdrawals,wire transfers as well as ACH activity. By combining the data withthe examination of customers’ past data and record profile, CIMB can obtain”whole picture” analysis of a client’s profile, risk levels, and predictedfuture action, and can also produce reports and make alerts to suspiciousactivity.