BCN’s Compliance Function is designed to ensure that all departments and operational units properly comply with the requirements and obligations set out by the applicable Lebanese laws, regulations, and procedures as well as by the directives issued by the Central Bank of Lebanon (BDL), on the control, fight and prevention of money-laundering activities and on countering terrorist financing, by following the highest standards and best practices in implementing the proper due diligence on customers’ accounts and transactions.
It assists the Senior Management in verifying that the bank is meeting relevant regulatory requirements in protecting and enhancing its reputation with its stakeholders to minimize and avoid financial losses and in identifying compliance risks.
The main mission of our Compliance Function is to ensure that the compliance risks are adequately identified, assessed, controlled, monitored, tested, and are reported in a timely manner. In addition, our Compliance Function is also responsible for:
- Informing the Board of Directors and Senior Management of any significant compliance developments, issues and plans for resolution
- Educating staff and raising compliance awareness throughout the bank by promoting compliance culture
- Issuing and implementing Compliance Policies, supported by procedures to better comply with applicable laws and regulations and continuously adopt industry standards and best practices while meeting legal and regulatory expectations
- Aligning our Compliance Program to reflect any change in regulatory environments
The Compliance program is subject to regular independent reviews by the Bank’s Internal Auditors, External Auditors, and SIC who assess the efficiency of the program as well as the Bank’s compliance with the AML directives.