Compliance and AML Department

مدیریت مبارزه با پولشویی و تطبیق

The rationale behind making laws and implementing regulations is to maintain stability, order and security. To this end, MEBs compliance department has been formed to ensure the application of this principle of jurisprudence and stability, order and security in all aspects of our operations. The goal of this department is to ensure full compliance with laws and rules and regulations, both domestic and international. Domestic regulations cover a wide spectrum ranging from the constitution, ordinary laws, banking laws, government decisions and central bank directives and guidelines, to the banks own internal guidelines. In the field of international regulations, compliance extends to international conversations, international treaties, anti-money laundering (AML) regulations, and regulations pertaining to unified practices by international organizations including, amongst others, the international chamber of commerce (ICC). While emphasizing the importance of its mission to ensure strict adherence to laws and regulations, the goals of the department include:

1. Prevention of Non-Compliance

The compliance department has come up with a set of key measures to ensure identification of, and compliance with, fundamental laws and regulations governing the banking profession.
This department has also prepared to familiarize various bank departments with the laws and regulations related to their particular area of interest and is in charge of monitoring the observance of those laws and regulations. This proactive approach to compliance protects the customers’ interests.

2. Reducing Losses Due to Non-Compliance

By identifying all instances of non-compliance, the compliance department helps curb losses resulting from instances of such negligence and non-compliance.

3. Promoting the Culture of Respecting Laws

One of the main goals of the compliance department is to internalize the culture of compliance with the laws so that individuals and divisions instinctually operate within the framework of the law, thereby safeguard the interests of the Bank and its customers.

4. Protecting the Rights of Customers

By supervising the observance of laws, the compliance department will raise the customers’ confidence in the bank’s ability to look after their rights and interests. Confidence in a bank’s ability to look after their rights and interests is a key criterion for selecting a bank. The compliance department plays a key role in assisting customers in making that decision.

5. Operational Transparency

One of the best indicators of compliance with laws and regulations is transparency in banks operations. Banking operations that are in line with the governing laws; rules and regulations are clear and predictable, which are indispensable preconditions for customers trust. In effect, compliance and operational transparency are two sides of the same coin and are mutually dependent.

6. Anti-Money Laundering and Countering Of Financing of Terrorism

MEB has established a strict policy on Anti-money laundering (AML) and countering the financing of terrorism (CFT). MEBs compliance framework on combating money laundering and financing of terrorism meets national and international regulatory requirements. Know your costumer (KYC), sanctions, politically exposed persons (PEPs), suspicious activities, shell banks, and correspondent banking relationship, are subjects of interest about AML and CFT, and constructive measures have been undertaken to comply with relevant laws and regulations. Furthermore, training programs on AML and CFT are devised regularly for the employees of the bank in order to develop their knowledge and insights, as well as the culture of compliance in these areas.

7. Protecting the Banks Credibility and Reputation

Compliance with laws and regulations will lead to increased transparency, confidence and customer satisfaction, decreases losses resulting from non-compliance, and thus promotes a culture of obedience by the law. The ultimate byproduct of compliance is a boost in the banks credibility and reputation within the banking industry and the society, which is the main goal of MEB.