The CIMB branch has a good management of anti-money laundering alerts. The Anti-Money Laundering frameworks and supporting system of CIMB facilitate the AML risk, client and transaction checking system, which consist of Watchlist and Sanction Management, ‘Know Your Customer’ and Customer Due Diligence (CDD) regulations, Account and Transaction AML Monitoring as well as Payment and Sanction Filtering.
First and foremost, CIMB possess an assortment of Watchlist and sanction list management. That is, CIMB able to accurately match their customer databases against watch lists and ready to consistently monitoring list sources for increments and amendments, quickly updating records with the most recent changes, and parsing, standardizing as well as re-arranging list information before matching. Hence, CIMB will be able to ensure their customers are state the true identity, and checking to ensure they have not been placed on any sanctions lists in the entire world. The management of Watchlist is run well and can identify Politically Exposed Persons, thus verify that money managed in the name of PEPs is not achieved from criminal actions.
Besides, CIMB was doing well in the aspect of ‘Know Your Customer’ and Customer Due Diligence to manage anti-money laundering. CIMB having a systematic process of identifying new customers and they will not establish bank relationships with customer until their new clients’ identities have been satisfactorily verified. When the CIMB realizes that there is not enough information about existing customers, they will check and contact customer to ensure that all relevant information can be attained as quickly as possible. By knowing the customer, CIMB will be more understanding the normal and reasonable account transaction or activity of the client and can effectively control and decrease the risk. Hence, CIMB have a way to identifying the transactions that are not in the normal mode of account activity. Overall, CIMB will be able to manage well in client identification and record keeping; promote diligence in detecting and reporting suspicious transactions.
Last, CIMB monitors the client transactions daily or in real time with apply the AML transaction monitoring software. The activities that can be monitored by this software included cash deposits and withdrawals, wire transfers as well as ACH activity. However, by combining the data derived from daily monitoring with analysis of customers’ past data and account profile, CIMB will achieve “whole picture” analysis of a client’s profile, risk levels, and anticipated future movement, and can also generate reports and make alerts to suspicious action.