• About CB Bank
  • Anti-Money Laundering Policy

Anti-Money Laundering Policy

The board of directors at Co-operative Bank Plc is committed to combating money laundering. Bank management will actively search for suspicious activity. When it is discovered, a bank officer will review it and making a recommendation as to whether a Suspicious Activity Report (SAR) should be filed.

The assigned officer will have three (3) business days to conduct the review and make his recommendation. All recommendations will be made in writing and forwarded to the Bank Secrecy Act (BSA) Officer. The BSA Officer is responsible for reviewing the investigating officer’s recommendation, and determining if an SAR should be filed.

The BSA Officer will file the SAR with the appropriate legal and regulatory authorities. All supporting evidence for the SAR will be maintained for a minimum of five (5) years, and will be securely stored. The BSA Officer will report to the board of directors the number of SARs filed each month, along with brief a summary as to Local or foreign currency amount of the suspicious activities and why they were deemed that way.

Money Laundering - Defined

CO-OPERATIVE BANK Plc has two definitions for money laundering:

  • It is the introduction of illegally obtained currency into the banking system.
  • It is using the banking system to illegally hide currency that was lawfully obtained.

It is not hard for criminals to obtain currency. However, until the currency is deposited into the banking system, their ability to utilize it is restricted. When banks knowingly accept the cash deposits of criminals, they legitimize (or launder) the proceeds. Accordingly, criminals must do business with banks. And banks like CO-OPERATIVE BANK Plc must be diligent in detecting and reporting suspicious activity.