“A compliance department can be expensive unit to operate, but non-compliance can be more costly.”

At IBL we care about integrity and maintaining a solid reputation. Our Compliance Department plays an essential role in this by ensuring professional adherence to the regulations drawn by legislators, regulators and the board of directors.

AML & CFT have always been key considerations to IBL Bank. Within the Compliance Department, the AML unit is responsible 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 the funding of terrorism.
The AML Unit team lives up to this commitment by using international automated systems for all types of banking transactions, filtering and screening tools.

Since legal and regulatory compliance is central to maintaining the bank’s integrity and reputation, and helps sustain the healthy growth, the Legal/Regulatory Compliance Unit was established to ensure that IBL’s activities strictly adhere to local and international laws and regulations.
To achieve this, the Legal/Regulatory Unit monitors and controls the application of laws and regulations. This in turn results in the implementation of good legal standards that are relevant to IBL’s business. These standards prevent legal and reputational risks that may arise if laws and regulations are not upheld.

There are a number of substantial changes being made by financial regulators, governments and banks to protect the long-term safety of the financial system and our customers’ interests. One of these regulations is the Foreign Account Tax Compliance Act (FATCA), which was effective starting 1 July 2014. This legislation administered by the United States government encourages better tax compliance by preventing US citizens from using non-US financial organizations and foreign entities to avoid US taxation on their income and assets. IBL is dedicated to being fully FATCA-compliant in all the countries that are part of our network.