Cibit-Bank > For Financial Institutions > Policy on combating the legalization of proceeds of crime and the financing of terrorism

Policy on combating the legalization of proceeds of crime and the financing of terrorism

Measures to combat the legalization (laundering) of proceeds of crime and the financing of terrorism

We hereby inform you that on the basis of:

  • Regulations of the National Bank of the Republic of Abkhazia of April 24, 2006 No. 13-П “On the procedure for implementing internal control in credit institutions of the Republic of Abkhazia in order to prevent the legalization (laundering) of criminal proceeds and the financing of terrorism”;
  • Instructions of the National Bank of the Republic of Abkhazia dated 12.05.2006 No. 27-У “On recommendations for the development by credit institutions of internal control rules in order to prevent the legalization (laundering) of criminal proceeds and the financing of terrorism”

The CB “CIBIT-BANK” LLC has appointed an employee responsible for organizing work in the Bank to counter the legalization (laundering) of proceeds of crime and the financing of terrorism.

Head of the financial monitoring department – Azhiba Guranda Raulyevna; +7 (840) 229-41-83; Order No. 74 dated 14.10.2019

Activities, including the following programs, are also being carried out:

  • The program for identification and enquiry of Bank customers, establishment and identification of beneficiaries.
  • The program for identification of operations of the Bank’s customers that are subject to mandatory control and other operations with cash or other property related to the legalization (laundering) of proceeds from crime and the financing of terrorism.
  • The program for verifying customer information or client operations to confirm the validity or refute suspicions of a client legalization (laundering) of criminal proceeds and terrorist financing.
  • The program that determines the organization of work to suspend operations with cash or other property.
  • The program for documenting information.
  • The program for storing information and documents obtained as a result of implementing internal control programs to counter the legalization (laundering) of proceeds from crime and the financing of terrorism.
  • The training program for Bank employees on combating the legalization (laundering) of criminal proceeds and the financing of terrorism.

The Bank carries out the work to identify transactions subject to mandatory control, unusual transactions, collect additional information about the Bank’s clients’ activities in order to establish risk categories, as well as work to establish and identify beneficiaries. CB “CIBIT-BANK” LLC does not maintain correspondent relations with non-resident banks that do not have permanent governing bodies on the territory of the states in which they are registered, and also takes measures to prevent the establishment of relations with non-resident banks, in respect of which there is information of usage of the accounts by third party banks that do not have permanent governing bodies on the territories of the states where they are registered.