swift & safe watch rule in stopping terrorist financing by: mahboob s. frotan head of payments...
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SWIFT & SAFE WATCH RULE IN STOPPING TERRORIST FINANCING
By: Mahboob S. FrotanHead of Payments & SWIFT Chairperson for AFG
KABUL BANK - AFGHANISTAN
AGENDA
• INTRODUCTION TO ANTI MONEY LAUNDERING• SIDE SAFE WATCH (AML SOLUTION)• SAFE WATCH BENEFITS• IMPORTANCE OF AUTOMATED CHECKING• INTEGRATION WITH SWIFTALLIANCE• AVAILABLE LISTS• CUSTOMER IDENTIFICATION• RESPONSIBILITY OF BANKS
INTRODUCTION TO ANTI MONEY LAUNDERING (AML)
• Anti Money Laundering (AML) is set of techniques that are used to identify and fight against means that organized crimes uses to “clean” money that is the result of illegal activity so it can be spent legally.
SIDE SAFE WATCH (AML SOLUTION)
• This solution is being developed by SIDE Resources and Development company located in Belgium
• Kabul Bank is proud of implementing Safe Watch in February 2006 and it is the only bank having AML.
• Now all the inward and outward transactions are scanning.
SAFE WATCH BENEFITS
• Allows you to be compliant with regulations
• Reduces your risk and exposure
• Prevent funds seizures and penalties
• Integrate seamlessly with banking systems
• Increase efficiency of manual controls
• Offers the possibility to integrate your own lists
• Integrates official lists updates
• Provides full security, reporting and audit
• Standard version simple to install and maintain
• The best Cost/Benefits ratio
IMPORTANCE OF AUTOMATED CHECKING
• Considering the importance of the financial transaction flow running now a days through the institutions, checking all transactions against blacklist manually impossible. On the other hand, legal pressure on compliance officers to implement full checking and reporting has been growing these last years.
Integration with SWIFT Alliance
AVAILABLE LISTSPackage List Name Size Availability
US OFAC 2500+ SIDE Website
OFAC Blocked Countries <10 SIDE Website
Weapons of Mass Destruction 10+ SIDE Website
OFAC PEP Politically Exposed Persons of OFAC Sanctioned Countries
250+ SIDE Website
BOE Bank of England 1200+ SIDE Website
EU EU Regulations (e-CTFSL) 1200+ SIDE Website
FATF/GAFI non cooperative countries & territories <10 SIDE Website
CSSF CSSF – Luxembourg 1200+ SIDE Website
SECO SECO – Switzerland 1000+ SIDE Website
MAS MAS – Singapore 400+ SIDE Website
UN UN Al-Qaida & Taliban 400+ SIDE Website
UN Iraq 200+ SIDE Website
UN Liberia <100 SIDE Website
WC World-Check N/A contract with World-Check
BIS Bureau of Industry and Security Denied Persons List 300+ SIDE Website
Factiva PFA Factiva Public Figures & Associates N/A Contract with Factiva
CUSTOMER IDENTIFICATION
• Name
• F.Name
• Date of birth
• Place of birth
• National ID No or passport no.
• Date and place of issue
• Profession
RESPONSIBILITIES OF BANK
• Checking remitter and beneficiary full details
• Asking prove for the transaction
• Checking fully the data provided by the remitter
• Reporting LCTR and STR to Central Bank
CONTACT
Mahboob S. Frotan
Head of Payments & SWIFT UGC for Afghanistan
KABUL BANK - AFGHANISTAN
+93 799 22 44 22