The Compliance Department’s ultimate goal is to ensure the application of the regulations drawn by the legislators, regulators and its board of directors; it plays an essential role in helping to preserve the integrity and reputation of the Bank.
- AML & CFT have always been a key consideration to IBL Bank,
within the Compliance Department, the AML unit bears the responsibility for ensuring that the bank’s clients act within the law and don’t use the bank for illegal activities, such as money laundering or funding terrorism.
AML Unit team ensures this commitment by using international automated systems regarding all types of banking transactions, filtering and screening tools.
- Since Legal/Regulatory compliance is of the utmost importance in maintaining the bank’s
integrity and reputation, and thus, sustain the healthy growth of business, the Legal/Regulatory Compliance Unit was established in order to ensure that IBL’s activity adhere, strictly, with local and international laws and regulations.
Accordingly, the Legal/Regulatory Unit aims to monitor, control the application of laws and regulations and hence, to implement good business legal standards relevant to IBL’s business and prevent legal and reputational risks that could arise as a result of failing to comply with the provisions of laws and regulations.
There are a number of substantial changes being made by financial regulators, governments
and banks to ensure the protection and long-term safety of both the financial system and our customers’ interests.
One of these regulations is the Foreign Account Tax Compliance Act (FATCA), effective as
of 1 July 2014. This legislation administered by the United States government encourages better tax compliance by preventing US persons from using non-US financial organizations and foreign entities to avoid US taxation on their income and assets.
IBL is proud of its commitment to being fully FATCA-compliant in all countries where we operate.
“A Compliance department can be expensive unit to operate, but non-compliance can be more costly.”