North Africa Commercial Bank S.A.L (NACB) is regulated by Central Bank of Lebanon-Banque Du Liban (BDL) which is mandated to exercise AML/CFT regulatory oversight on financial institutions and reporting entities. This function is carried out by Special Investigation Commission (SIC) or stated differently, Lebanon’s Financial Intelligence Unit (FIU) which is an independent legal entity with judicial status.
Our AML/CFT Policy
The principal objective of adopting a clear AML/CFT policy is the establishment of a general framework for the fight against money laundering, terrorism financing, corruption, and other financial crimes. Successful participation in this fight by the financial sector requires an unprecedented degree of global cooperation between governments, standard setters, regulators, and financial institutions. Our institution is highly committed to fight money laundering and terrorism financing and is determined to combat all illicit financial flows generated from predicate crimes linked to money laundering.
To this effect, we have put in place high compliance standards coupled with sound corporate governance principles whereby we require management and employees to adhere to these standards in preventing the use of our products and services for money laundering purposes or terrorism financing. In order to keep our institution immune from money laundering risks, we have designed strict Know Your Customer (KYC) policy by thoroughly vetting and running background checks on all new customers as well as analyzing the ownership structures of legal entities to determine the Ultimate Beneficial Owner (UBO). These strict procedures are not only applied during the on-boarding stage, but continue also throughout the on-going relation to monitor against any substantive change in customer profile and circumstances.