UCO Bank’s Anti Money Laundering Policy

UCO Bank’s Anti Money Laundering Policy is in operation since 20.11.2002. KYC guidelines are important features of the policy. The main provisions of the policy are summarized below.

OBJECTIVES: –

1. To protect the Bank from being used for money laundering.

2. To adhere to the internationally accepted “Know Your Customer” policies and procedures in the day to day business.

3. To take appropriate action when suspicious activity is detected and to report to the designated authorities.

4. To comply with applicable laws as well as norms adapted internationally by banks and financial institutions as per the “forty recommendations” of FATF.

5.  Employees will conduct themselves in accordance with the highest ethical standards.

6. They should not knowingly provide advice or other assistance to those who indulge in money laundering.

7.  Employees who suspect money-laundering activities should refer the mater to Anti Money Laundering compliance officer. There shall be one identified compliance officer in each branch and in each Regional Office.

8.  “Know Your Customer” is an integral part of Anti Money Laundering policy.