Kyc Compliance by Mcb

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MCB BANK LTD KNOW YOUR CUSTOMER (KYC) & ANTI-MONEY LAUNDERING (AML) PROCEDURES HANDBOOK FOR MANAGEMENT AND STAFF Revised January 01, 2008 MCB BANK LTD KNOW YOUR CUSTOMER (KYC) & ANTI-MONEY LAUNDERING (AML) PROCEDURE HANDBOOK POLICY GUIDELINES FOR KNOW YOUR CUSTOMER (KYC) AND ANTI MONEY LAUNDERING (AML) PROCEDURES Foreword A Hand book containing detailed guidelines on KYC Policy and AML Policies was required in order to help management and staff to fully understand their obligations. This would in particular help our front-end staff and managers having direct inter-action with the customers. KYC & AML Laws are in the evolutionary process, new regulations and subsequent amendments will require a regular update of our procedures and skills to remain in line with best practices followed internationally. Money Laundering is the process by which proceeds derived from a criminal activity are disguised in an effort to conceal their illicit origins and to legitimize their future use. Money Laundering is a global problem. Regulatory Policies across the globe are focused towards strict compliance of Anti Money Laundering (AML) and Know Your Customer (KYC) Laws/Regulations according to international standards. Banks in every country are required to strictly comply with these standards besides seeking certification from their foreign correspondents that they are fully compliant with these regulations. Seen in this perspective, SBP has prescribed Prudential Regulations No. M1-M5 which have to be complied by the banks and their employees. Consequently, banks are required to know their customers as well as their business. We have issued a number of circulars to create awareness in the bank and have also put in place procedures for customer's due diligence and combating of Money Laundering. Prevention of criminal use of banking channels for the purpose of Money
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