Know Your Client (KYC)
& Anti Money Laundering (AML)
KYC & AML at EMBank
Global and local trade alike are all subject to rigid KYC and AML requirements. At EMBank, compliance is one of our highest priorities. Proper compliance means going beyond using the best available tools for PEP (Political Exposed Person) and sanction screening and transaction monitoring. True compliance is about understanding your clients’ business properly and mitigate any risk that it might represent.
At first glance, compliance requirements put forward by the bank might seem overwhelming and tiresome. Rest assured, that our approach to compliance is as much as about safeguarding your business as it is about our regulatory obligations.
EMBank keeps strict adherence to all directives, regulations, and the highest standards on all levels when conducting due diligence.
Compliance with AML/CTF Regulations
The Bank AML/CTF program consist of policies and procedures, which comprehensively highlight our commitment to The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act), and the Anti-Money Laundering and Counter-Terrorism Financing Rules (AML/CTF Rules).
In brief, all AML, KYC & CTF related procedures undertaken by the bank is approved by the Management Board. We have clear Customer Due Diligence (CDD) and KYC Procedures in place and conduct a Risk-Based Approach towards all Customers. In the frame of Compliance Risk Management, customers are being categorised as Low-Medium High and High-Risk customers are subject to approval from the appointed Management Board member. We are also conducting an enterprise–wide risk assessment regularly, making sure our overall obligations are met in a satisfactory way.
We also conduct automated ongoing Customer Sanction Screening and Transaction Screening using internationally recognised tools and sanction lists, as well as having in place the latest multi-functional Monitoring Systems.
At EMBank we also conduct AML/CTF Training for all of our employees and have in place specific procedures for reporting suspicious activity (SAR) with our local regulator, Bank of Lithuania.
We can ensure our partners and clients alike, that we are compliant with all relevant AML/CTF Regulations (EU Directives, FATF standards, and local legal acts and requirements from our regulator Bank of Lithuania and the Financial Crime Investigation Service under the Lithuanian Ministry of the Interior).