Compliance begins at the top. At Pacific Private Bank we emphasize the standards of honesty and integrity, and our board of directors and senior management lead by example. Everyone within the bank is required to comply with the highest standards when carrying out business. We strive to adhere to the letter and spirit of the law, at all times.
Commitment to compliance
Our behavior, decisions, and actions are continuously guided by the proper standards of market conduct. Possible conflicts of interest are well managed, our customers are treated fairly, and given suitable advice. The 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 an independent compliance function within the bank. This function 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 officers specifically dedicated to AML&CTF ensure the prevention of money laundering and terrorist financing. We view this duty 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
To manage risks, we are engaged in managing compliance risk (i.e., the risk of legal or regulatory sanctions), material financial loss, or a loss of the bank‘s reputation. Banks may suffer a loss of reputation by failing to comply with laws, regulations, rules, related self-regulatory organization standards, and codes of conduct applicable to banking activities.
At Pacific Private Bank we understand how inadequate risk management may result in a direct financial loss and significant adverse publicity or reputational damage. We, therefore, utilize the highest levels of risk awareness to define our profile and set 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 these risks, Pacific Private Bank applies a risk-based approach which directs resources by priority, so the greatest risks receive the most attention.
Our Anti-Money Laundering (AML) Program
Pacific Private Bank takes all of the necessary actions to identify, prohibit, and prevent money laundering and any activity that facilitates money laundering or the funding of terrorist or criminal activities.
We have 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 defines the framework of our bank’s processes, procedures, and systems aimed to identify, prohibit, and prevent possible money laundering or financing of terrorism.
The core of our AML&CTF Program stands on our customer identification and verification procedures (Know Your Customer or KYC). Our thorough 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 regulations, we apply and comply with widely recognized international standards and the 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 Wolfsberg standards for AML principles, as well as many others.
Pacific Private Bank is a FATCA compliant financial institution registered by IRS as a 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 taxpayers. The Internal Revenue Service (“IRS” – U.S. tax authority) has set up a framework to collect information from non-U.S financial institutions regarding foreign income and the assets held by U.S. taxpayers outside of the United States, on a yearly basis.
Corporate and compliance documents
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