IFB is regulated and is governed by legislation on money laundering and terrorist financing set out in the Proceeds of Crime (Money Laundering) & Terrorism Financing Act (“PCMLA”) and Criminal Code.
Across the IFB Group we have in place comprehensive, enterprise wide anti-money laundering/anti-terrorist financing policies and procedures that meet or exceed local regulatory requirements.
IFB abides by the Wolfsberg Principles on anti-money laundering for international private banks. We also continually monitor sanctions on a global basis. Across the IFB Group, control officers are responsible for ensuring compliance with our internal procedures.
IFB’s policy to “know our customer” includes procedures for customer identification and verification at account opening which are in line with Financial Action Task Force (“FATF”) standards; establishing the source of the client’s funds at account opening as well as methods for ongoing monitoring of transactions; and a process for reporting large cash transactions, international electronic funds transfers and suspicious activity to the Financial Transactions & Reports Analysis Centers in accordance with the regulations made there under.
It is IFB Group policy not to maintain relationships with Shell Banks (defined as banks having no physical presence in any jurisdiction, and no affiliation to a bank which does).