Anti-Money Laundering

Anti-Money Laundering and Counter-Terrorist Financing Policy

The headquarters of Far East National Bank (the "Bank" or "FENB") are located in Los Angeles, California in the United States. The U.S. is a member of the Financial Action Task Force (FATF).  The Board of Directors and Senior Management of the Bank are committed to an effective Bank Secrecy Act (BSA), Anti-Money Laundering (AML), and Counter-Terrorist Financing (CTF) Program that encompasses full compliance with all aspects of the USA PATRIOT Act including a Customer Identification Program, Office of Foreign Assets Control guidelines, and other relevant statutes, rules and regulations. BSA has been a critical part of the Bank’s compliance program for many years, with increased focus on AML/CTF activity, enhanced due diligence (EDD), and "know your customer" (KYC) rules. FENB is determined to engage in a risk-based BSA policy, investigation and diligent scrutiny of all banking relationships with customers, vendors and other third parties. This program of strict compliance with BSA principles will ensure safe and sound banking practices and reduce fraud, false identity, or losses that might otherwise result from a less stringent BSA policy. The Board of Directors of the Bank has firmly committed to adherence to the BSA and any subsequent updates in the U.S. to combat money laundering and terrorist financing.

Overview of the AML/CTF Program

The Board of Directors of the Bank has adopted a AML/CTF program that includes policies, procedures, and internal controls that comply with applicable laws and implemented standards to set forth this Policy. The AML/CTF program is recorded in board minutes which includes:

  1. The designation of a BSA Officer or other appropriate personnel responsible for coordinating and monitoring day-to-day compliance with the Policy;
  2. Establishment of a system of internal controls to ensure ongoing compliance by having a written AML/CTF policy that sets forth policies and procedures;
  3. Reporting of suspicious activity to government authorities in accordance with applicable laws;
  4. Verification of customer identities via documentary and/or non-documentary methods;
  5. Risk-based approach to classify customers and KYC & EDD procedures commensurate with the risk level of customers;
  6. Record keeping and reporting practices in accordance with applicable laws;
  7. Adequate methods of monitoring to detect possible suspicious customer activity;
  8. Conducting independent testing of BSA compliance by bank personnel or an outside party; and
  9. Mandatory AML training for all FENB employees.

 

FENB Questionnaire on AML/CTF

The Bank has completed this questionnaire to be used by its correspondent banks to comply with the International practice.

Please click here to view the PDF FENB Questionnaire on AML/CTF

 

Patriot Act Certification

Please click here to view the PDF Patriot Act Certification