According to the Strategy of JSC Development Bank of the Republic of Belarus for 2016-2020 the mission and target of the Development Bank’s activities is to facilitate sustainable development of the national economy and realization of the government social and economic policy.
In order to fulfil successfully its goals and targets the Development Bank actively participates in international activities and ensures the transparency of financial operations.
Peculiar activities of the Development Bank as a specialized financial institution and its client base which are characterized by low risk operations provide for minimum risk of money laundering, financing of terrorism and spreading of mass destruction weapons (hereinafter - ML \ TF).
The Development Bank guarantees functioning of an efficient internal control system in accordance with international standards of ML \ TF prevention (Recommendations of the Financial Action Task Force (FATF)) and requirements of the Law of the Republic of Belarus dd 30.06.2014 No 165-З “On actions to prevent money laundering, financing of terrorism and spreading of mass destruction weapons”, as well as in accordance with other regulatory legal acts and recommendations regulating the issues of ML \ TF prevention.
The key goal of internal control system is to prevent the Development Bank’s engagement with ML \ TF processes, to minimize reputation and financial risks of the Development Bank’s activities.
The Development Bank’s policy in the area of ML \ TF prevention is based upon the following principles:
- All employees of the Development Bank within the frames of their job functions participate in performing the internal control procedures;
- The internal control regulations in the area of ML \ TF prevention are approved by the Management Board of the Development Bank;
- Definite officials of the Development Bank are appointed as persons responsible for coordination of internal control system in the Bank and its units, and a special organization unit is created;
- The Development Bank conducts the client identification procedures and takes all measures to determine the clients’ beneficiary owners;
- The Development Bank does not open accounts for anonymous account holders;
- The Development Bank takes actions to identify among the clients and their beneficial owners the foreign public officials, officers of public international organizations, persons holding positions included into the list of public positions of the Republic of Belarus, their family members and associated persons, as well as entities of which the a.m. persons are beneficial owners;
- The Development Bank estimates the risks of working with a client through analyzing the client data within the 3- vector risk distribution model;
- The Development Bank does not establish or maintain correspondent relationships with banks which do not have physical presence in countries of residence and do not belong to a banking group (bank holding) (shell banks). Besides the Development Bank takes actions aimed at preventing relations with non-resident banks accounts of which are used by shell banks;
- The Development Bank monitors the clients’ financial operations pursuant to legislation of the Republic of Belarus and promptly informs the financial monitoring body on operations requiring special control;
- The Development Bank suspends financial operations if at least one of the parties of such an operation is a person involved in terrorist activities, in financing terrorism, spreading or financing spreading of mass destruction weapons, or if the participants of a financial operation are controlled by such persons;
- The Development Bank stores the data containing information on clients and their financial operations for a period not less than 5 years from the date of such financial operation;
- The Development Bank regularly holds employees’ trainings in the area of ML \ TF prevention.