SUNBIZ

BANKERS TOLD TO BE ALERT: BUKSH

  Director of the Financial Intelligence Unit (FIU) Razim Buskh yesterday reminded bankers and lawyers at Fiji Institute of Bankers workshop of their role as money laundering gatekeepers. While presenting
19 Oct 2018 10:00
BANKERS TOLD TO BE ALERT: BUKSH

 

Director of the Financial Intelligence Unit (FIU) Razim Buskh yesterday reminded bankers and lawyers at Fiji Institute of Bankers workshop of their role as money laundering gatekeepers.

While presenting at the two day FIB workshop at the Holiday Inn, Suva, Mr Buksh highlighted the philosophy of behind money laundering, Knowing Your Clients/Customers (KYC) and how this can help identify money laundering when dealing with the clients.

“Financial institutions are the gatekeepers of the financial system, they hold a high level of responsibility to prevent financial crimes,” Mr Buksh said.

“To prevent financial institutions from being used and abused intentionally and unintentionally by criminal elements or money laundering activities you must identify these criminals.

“Maybe you might be unintentionally recruiting criminal syndicates as part of your customer base, so KYC ensures that you are not being abused.”

Mr Buksh highlighted that there are risks and they should be aware that their reputational risks was most important.

“When we are seen to be involved or engaged with transacting assets, the first thing that comes to mind is our reputation will be tannish,” he added.

“In order to protect that, we must ensure that KYC is thoroughly completed.

He also recommended that they be alert and to report any unusual activities in their financial accounts.

“You will need to establish the true origin of the funds and details of the customers you are required to report it.

“Under the Financial Transactions Reporting Act you must assist during and after the KYC process.”

Mr Buksh cautioned the participants when dealing with foreign customers.

“Foreigners or shareholders of legal entities are high risk customers.

“You will need to have high level scrutiny when dealing with the identification documents.

“As gatekeepers, every institution must ensure that all their front line staff are thoroughly trained with all the processes.”

Feedback:  maraia.vula@fijisun.com.fj

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