Compliance begins at the top. At Pacific Private Bank we emphasize on standards of honesty and integrity, and our board of directors and senior management lead by example. Everyone within the bank is engaged in complying with the highest standards when carrying on business. We strive to adhere to the letter and spirit of the law at all times.
Commitment to compliance
Proper standards of market conduct guide our behaviour, decisions and actions every day. Possible conflicts of interest are well managed, and our customers are treated fairly and given suitable advice. Prevention of money laundering and terrorist financing is of the utmost importance at Pacific Private Bank.
To manage compliance risk effectively Pacific Private Bank has established independent compliance function within the bank which is consistent with the compliance principles defined by the Basel Committee on Banking Supervision. The strength of the function is ensured by our qualified and experienced staff members led by the Chief Compliance Officer who reports directly to the Board.
Our specifically dedicated AML&CTF officers ensure the prevention of money laundering and terrorist financing, seen as one of the key risk management tasks in our business. Our staff is periodically trained on AML&CTF prevention procedures as well as overall compliance.
Together, we make sure that the bank, its shareholders, our clients and our employees are shielded from the possible harmful effects of exposure to money laundering or terrorist financing activities.
Sensitivity to risk
As part of our risk management activities we are duly engaged in managing compliance risk, i.e. the risk of legal or regulatory sanctions, material financial loss or loss to reputation a bank may suffer as a result of its failure to comply with laws, regulations, rules, related self-regulatory organization standards and codes of conduct applicable to our banking activities.
At Pacific Private Bank we understand how inadequate risk management may result in direct financial loss and significant adverse publicity or reputational damage. We therefore exercise highest levels of risk awareness in defining our profile and setting up effective risk management measures.
The risk of being exposed to money laundering and the financing of terrorism varies over time across customers, countries, products and services. To manage and mitigate this risk, Pacific Private Bank applies a risk-based approach which is best defined by the principle that resources are directed in accordance with priorities, so the greatest risks receive the highest attention.
Our Anti-Money Laundering (AML) Program
Pacific Private Bank takes all the necessary actions to identify, prohibit and prevent money laundering and any activity that facilitates money laundering and the funding of terrorist or criminal activities.
We have adopted a strict anti – money laundering and counter terrorism financing (AML&CTF) policy which is implemented by our AML&CTF Program. This program outlines the principles and defining framework of our bank’s processes, procedures and systems aimed to identify, prohibit and prevent activities of possible money laundering and financing of terrorism.
At the core of our AML&CTF Program stands our customer identification and verification procedures (Know Your Customer or KYC). Along with the process for accepting new clients, further monitoring and regular reviews are performed to facilitate comprehensive compliance.
Our standards of activities extend beyond the minimum national regulation, we apply and comply with widely recognized international standards and best international banking practices. We apply the Forty Recommendations and Special Recommendations on Terrorism Financing issued by Financial Action Task Force on Money Laundering, the Wolfsbergs standards on AML principles and more.
U.S. Patriot Act
Pacific Private Bank meets the requirements of the Patriot Act regulations issued by the US Treasury, which apply to any foreign bank that maintains a correspondent account with a US financial institution.
Pacific Private Bank is a FATCA compliant financial institution registered by IRS as Participating Foreign Financial Institution not covered by an IGA (intergovernmental agreement), GIIN IWIII2.99999.SL.548.
The Foreign Account Tax Compliance Act (“FATCA”) is a U.S. law whose objective is to combat tax evasion by U.S tax payers. The Internal Revenue Service (“IRS” – U.S. tax authorities) has set up a framework to collect information from non U.S financial institutions regarding foreign income and assets held by U.S. taxpayers outside the United States on a yearly basis.
Corporate and compliance documents
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