Saturday, August 15 2020


OCB crackdown on money laundering

Update: May, 26/2017 - 11:40
Viet Nam News

HÀ NỘI – The Orient Joint Stock Commercial Bank (OCB) announced on Thursday it had put an anti-money laundering system meeting international standards into operation.

The system, developed under co-operation with consultancy Fintek Company Limited and TESS International, will help ensure information security and prevent money laundering and illegal transactions.

This is one of the key projects of OCB in 2017 with an aim to become one of the 10 best banks in Việt Nam by 2020.

The anti-money laundering system is designed with many advanced features to help access and find information quickly and conveniently.

In addition, it helps automate many actions for anti-money laundering prevention, such as filtering customer information based on blacklists, warning lists, embargo lists, discovering suspicious transactions and providing warnings.

The system can also verify, classify customer information and evaluate the level of risk.

According to Đào Minh Anh, deputy director of OCB’s risk management department, the system is a significant step by OCB towards building a transparent management system, ensuring security and compliance with established laws and regulations.

“At the same time, the bank is completing a project on risk management system following Basel 2 standards,” Minh Anh said. — VNS






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