Anti-Money Laundering

Attaching great importance to the efforts of the international community of states and the international banking community on anti-money laundering and counter terrorism financing, the International Bank for Economic Co-operation places special emphasis on the compliance with the rules of international law, as well as the legislative requirements of the residence country in the area of anti-money laundering and counter terrorism financing (hereinafter — AML/CFT).

In accordance with recommendations made by the intergovernmental organisations involved in the development of international standards in the area of AML/CFT, the legislation of the Bank member states, as well as practical experience of the leading European and Russian financial institutions, IBEC implements a package of organisational and supervisory measures aimed at AML/CFT. The Bank has developed and applies the Internal Control Regulations in order to counteract money laundering and financing of terrorism, and other internal regulatory documents that meet the requirements of the modern international banking activity in this area.

The Bank maintains business reputation at a high level and prevents IBEC from involvement in dubious financial operations; in this regard, special attention is given to the implementation of the “Know Your Customer” principle, which sets the requirements for completeness of information provided by the customers about themselves and their counterparties and for verification of such information.

IBEC builds relations only with banks that have permanent management bodies in the territory of the states where they are registered. The Bank does not have any accounts with the banks registered in the states (territories) that do not take part in international cooperation in the area of anti-money laundering and counter terrorism financing.

IBEC consistently implements the internal control system, under which the compliance with the AML/CFT standards is the responsibility of every employee of the Bank, and confirms its commitment to high ethical standards and the principles of fair and transparent activities, as well as the Bank’s commitment to adhere to global best practices in ensuring compliance with norms and rules of business and professional ethics.

The Bank’s immunity from sanctions and embargo based on its international status does not create prerequisites for simplifying the compliance procedure. Thus, in particular, sanctions compliance is one of the main components of the Bank’s compliance model, along with the anti-money laundering and counter terrorism financing tools, as well as the general set of measures for managing compliance risk based on global experience implemented into the IBEC internal procedures.

The Bank takes an active part in the international exchange of tax information, which is a significant component of the IBEC compliance model given the Bank’s member states and the structure of its product line.