Академический Документы
Профессиональный Документы
Культура Документы
2017
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1. Overview
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policy is not only as compliance to regulatory requirements but also a part of the
Bafut Cooperative Credit Unions risk management scheme.
All efforts exerted will be documented and retained in accordance with the
provisions of the laws in force. Branch managers and unit heads are responsible
for initiating Suspicious Activity Reports or other required reporting to the
appropriate hierarchy as the case may be and or the Internal Auditor for further
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investigation and onward transmission of report to the Board of Directors and
Supervisory Board. This may then be handed over to the appropriate law
enforcement or regulatory bodies after concerting with the legal counsel.
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- Passport
b) We shall not accept cash deposit and pay out cash without proper
identification of the persons involved in the transaction
c) We shall not accept funds if the name of the originating clients does not
match the name of the client in our system;
d) In case of withdrawal, money only can be withdrawn from the same account
and the same method which it was received and where the name of the
recipient is present, the name must strictly match the name of the client in our
system;
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III.3 Suspicious Transaction Report (STR)
b) Funds that are paid to Bafut Cooperative Credit Union from an account and
where settlement instructions are to pay to another account; and
Bafut Cooperative Credit Union staff has the right to decline the account opening
application and report to our Money Laundering Reporting Officer in the following
circumstances:
a) If the Client fails to provide the Union with any documents requested either
for client identification purpose or for any other reason;
2) If the Unions staff suspects or has concern that the submitted documents
may be false or fake; and
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3) If Unions staff suspects that the Client is involved in illegal or fraudulent
activities.
V. Monitoring
Bafut Cooperative Credit Union staff shall monitor customer transactions and
identify and report suspicious activities to regulatory agencies through our Money
Laundering Reporting Officer (Internal Auditor and management staff)
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The opening of an account or a deposit is requested by a person domiciled
abroad by way of correspondence, accompanied by an attestation of the
signature but the potential customer is not personally known to Bafut
Cooperative Credit Union.
All employees of Bafut Cooperative Credit Union LTD shall regularly receive
trainings and updates on the Union's anti-money laundering procedures and
obligations as and when required. The Money Laundering Reporting Officer
(MLRO) will attend external courses from time to time to ensure that his/her
training and awareness are current.
Each year, the MLRO (Internal Auditor) reports to the Board of Directors on the
level of compliance with the money laundering requirements. This report is
produced by the MLRO (Internal Auditor) and Compliance Officer and is
considered by the Directors, who are responsible for any necessary action to
remedy deficiencies identified by the report.
Under the Anti-Money Laundering Rules, (Internal Auditor) must retain records
concerning client identification and transactions for use as evidence in any
investigation into money laundering and criminal activity. Client identification
records must be kept for at least 5 years after the relationship with the client has
ended. Transaction records must be kept for at least 5 years from the date of the
relevant transaction.
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