AS PrivatBank invests 2 million euros in improving AML control mechanisms

In 2016, AS PrivatBank has invested more than 2 million euros in the internal control systems and solutions. Thus, over the last year, AS PrivatBank has made significant improvements to meet the highest requirements of international and domestic regulatory institutions in the area of prevention of money laundering and terrorism financing.

Sandijs Vectevs, member of AS PrivatBank board responsible for AML (anti-money laundering) area and compliance control, emphasises: “In the last year, we have made significant investments in two key aspects of the area of prevention of money laundering and terrorism financing, namely in IT software and raising qualification of the Bank’s employees, as well as in strengthening the employees’ capacity. The largest investments were allocated to the area of digitisation and automation in order to reduce the possibility of operational errors and decrease manual workload in AML risk management. Automation of the processes currently allows the Bank to manage potential risks more effectively and to take timely action.

Significant investments were also directed to raising qualification of the Bank’s team and recruiting new professionals. Employees are given the opportunity to regularly get acquainted with the newest AML trends, regulatory changes, as well as with the experience of local and international experts through various training platforms.

Furthermore, over the last year AS PrivatBank has carried out a substantial revaluation of the business risks and customer portfolio on the strategic level, completely withdrawing from transactions and types of customers with potentially high risks. As a part of the strategy change, the Bank’s business strategy was reviewed and risk assessment control mechanisms were modified accordingly.

In order to demonstrate a genuinely high level of integrity in the Bank’s daily operations, a strong emphasis is placed on high standards of professional ethics. We believe that in the long term it will definitely increase satisfaction of AS PrivatBank customers,” said S. Vectevs.

In 2017, AS PrivatBank will continue to invest in internal control systems for AML risk management to ensure effective and systematic risk assessment, customer due diligence, and transaction monitoring. The implemented systems will be tested, and adjustments will be made, where necessary. AS PrivatBank does not intend to stop there and continues to keep up with the dynamic changes in the regulatory requirements, as well as in the development of potential technological solutions.