Section 4 Financial Group
Article (31)
Financial Groups shall implement group-wide programs with respect to combating the Crime. Such programs shall be applicable and appropriate to all its branches and majority-owned subsidiaries. In addition to the measures mentioned in Article (20) of this Decision, these programs should also include the following:
- Policies and procedures for the exchange of information required for the purposes of CDD and risk management of the Crime;
- The provision of Customer information, accounts, and Transactions from the branches and subsidiaries to the compliance officers at a Financial Group level, whenever necessary for the purpose of combating the Crime.
- Provision of adequate safeguards on the confidentiality and use of the information exchanged.
- Policies and procedures for the exchange of information required for the purposes of CDD and risk management of the Crime;
Article (32)
- Financial Institutions should ensure that their foreign branches and majority-owned subsidiaries apply Crime-combating measures that are consistent with the requirements of the Decretal-Law and the present Decision when the minimum Crime-combating requirements of the other country are less strict than those applied in the State, to the extent permitted by that other country’s laws and regulations.
- If the other country does not permit the appropriate implementation of measures for combating the Crime that are consistent with the requirements of the Decretal-Law and the present Decision, then Financial Institutions shall take additional measures to manage AML/CFT risks related to their operations abroad and reduce them appropriately, inform the other country of the matter, and abide by the instructions received from the Country in this regard.
- Financial Institutions should ensure that their foreign branches and majority-owned subsidiaries apply Crime-combating measures that are consistent with the requirements of the Decretal-Law and the present Decision when the minimum Crime-combating requirements of the other country are less strict than those applied in the State, to the extent permitted by that other country’s laws and regulations.