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Anti-Money Laundering And Anti-Terrorist Financing Statement
In adopting the Anti-Money Laundering (“AML”) and Anti-Terrorist Financing Statement (“ATF”) (“AML Statement”), Alberta Treasury Branches (“ATB”) makes clear its commitment to the compliance of all applicable laws and regulations in jurisdictions in which ATB and its subsidiaries operate.
Application of AML Statement:
This AML Statement applies to ATB and its subsidiaries.
Scope and Objectives of AML Policy:
ATB has created enterprise-wide policies covering Anti-Money Laundering, Terrorist Financing, and Client Due Diligence including Know Your Customer and Money Service Business policies (“ATB’s Policy”) to ensure compliance with anti-money laundering and anti-terrorist financing laws and regulations in the jurisdictions in which ATB and its subsidiaries operate. ATB’s AML Statement and ATB’s Policy reflect our commitment to combat unintentional involvement in a scheme to launder proceeds derived from a criminal activity.
In addition, ATB’s Policy adheres to key principles contained in the following publications in so far as they relate to Anti-Money Laundering and Anti-Terrorist Financing:
- OSFI Guideline
- FINTRAC Guideline
- Basel Committee on Banking Supervision
- “Customer Due Diligence for Banks” (October 2001)
- “Consolidated KYC Risk Management” (October 2004)
ATB’s Policy:
- ensures that ATB only accepts clients whose activities can reasonably be established to be legitimate,
- requires ATB associates be trained to recognize and react to suspicious or potential money-laundering activities and to report such transactions in accordance with the applicable laws and regulations, and
- ensures that ATB retains appropriate records of client information.
Together, these policies ensure that ATB will not knowingly transact with clients whose money is believed to be derived from a criminal activity. In addition, these policies will mitigate the risk of unknowingly transact with such clients.
Know Your Customer
As an essential step in preventing unintentional involvement in an illegal activity, ATB has established “Know Your Customer” policies and procedures in order to assist ATB in assessing money-laundering risks associated with each client or potential client. ATB associates are required to take reasonable measures to ascertain the identities of clients and potential clients. Accounts will only be opened if a client’s identity is verified to ATB’s satisfaction. In addition, ATB has developed procedures to reasonably ascertain whether or not a client is operating on behalf of a third party for both existing and new accounts. Furthermore, ATB will not knowingly transact with individuals, entities and/or countries identified by the Canadian government agencies and the United Nations Resolutions.
Suspicious and Large Cash Transaction Reporting
ATB’s Policy requires that suspicious and large cash transactions be identified and reported in accordance with applicable legislation. In addition, ATB has established procedures to identify and investigate suspicious transactions.
Ongoing AML Training
All ATB associates are required to complete AML training. Depending on the position held by an ATB associate, the training may be basic or extensive. ATB is committed to provide ongoing AML training from time to time to all impacted associates as deemed necessary by ATB.
Record Retention
ATB’s Policy ensures that records of due diligence measures are retained for five years.
Implementation of ATB’s Policies
To ensure that the key principles of ATB’s Policy are implemented, ATB has taken the following specific measures:
- Appointed a Chief Compliance Officer who provides independent oversight of compliance by ATB and its subsidiaries with AML and ATF legislation in all jurisdictions in which they operate.
- Designated an officer responsible for corporate-wide measures to combat money laundering and terrorist financing who reports directly to senior management.
Contact Information
For further information, please contact
Operational Risk Management
ATB Financial
14th Floor 9888 Jasper Avenue
Edmonton, Alta. T5J 1P1 |
