Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) Statement
1. Commitment to Compliance
Continental Capital Bank Ltd. (the "Bank") is committed to maintaining strong Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) standards.
The Bank implements policies, procedures, and internal controls designed to prevent the misuse of its services for money laundering, terrorist financing, fraud, or other financial crimes.
Our objective is to protect our customers, partners, and the integrity of the international financial system.
2. Regulatory Framework
The Bank operates under the laws and regulatory framework of the Commonwealth of Dominica.
Our AML/CFT framework is based on a risk-based approach (RBA) consistent with internationally recognized standards, including the Financial Action Task Force (FATF) Recommendations.
The Bank periodically reviews its policies and procedures to ensure alignment with evolving regulatory expectations and national risk assessments.
3. Customer Due Diligence (CDD)
The Bank performs Customer Due Diligence prior to establishing any business relationship.
CDD procedures include:
Identity Verification
Verification of customer identity through reliable and independent documentation and secure digital verification systems.
Sanctions and PEP Screening
Customers are screened against relevant international sanctions lists and politically exposed person (PEP) databases, including but not limited to UN, OFAC, EU, and UK sanctions lists.
Beneficial Ownership Identification
For legal entities, the Bank identifies and verifies ultimate beneficial owners (UBOs) and relevant controlling parties.
The Bank applies enhanced due diligence measures where higher risk factors are identified.
4. Customer Acceptance Standards
The Bank maintains strict customer acceptance policies.
The Bank does not establish or maintain relationships with:
- anonymous customers or accounts using fictitious identities
- shell banks or financial institutions without a physical presence in any jurisdiction
- individuals or entities subject to applicable international sanctions
The Bank also does not maintain correspondent relationships with shell banks.
5. Transaction Monitoring and Reporting
The Bank employs automated and manual monitoring systems designed to identify unusual or suspicious transactions.
Where appropriate, suspicious activity is escalated internally and reviewed by the Bank's Money Laundering Reporting Officer (MLRO).
Where required by law, suspicious activity may be reported to the relevant Financial Intelligence Unit (FIU) in accordance with applicable regulations.
6. Record Keeping
The Bank maintains records of customer identification, transaction activity, and due diligence documentation in accordance with regulatory requirements.
Such records are retained for a minimum period required by applicable AML/CFT laws and regulations following the termination of the business relationship.
7. Governance and Oversight
The Bank's AML/CFT framework is approved by the Board of Directors and is supported by internal policies, procedures, and staff training programs.
The framework is subject to periodic internal and independent review to ensure ongoing effectiveness and alignment with regulatory expectations.