Public Bank committed to combating financial crimes
Public Bank Bhd, one of the banks reportedly mentioned in a leaked document of the US Treasury Department's Financial Crimes Enforcement Network (FinCEN), said it remains committed in efforts to combat financial crimes and will cooperate with the authorities to maintain the integrity of the financial system.
"Public Bank views seriously the need to combat financial crimes and to comply with all applicable legal, regulatory and supervisory requirements to safeguard against threats to its customers and the banking system...
Public Bank Bhd, one of the banks reportedly mentioned in a leaked document of the US Treasury Department's Financial Crimes Enforcement Network (FinCEN), said it remains committed in efforts to combat financial crimes and will cooperate with the authorities to maintain the integrity of the financial system.
"Public Bank views seriously the need to combat financial crimes and to comply with all applicable legal, regulatory and supervisory requirements to safeguard against threats to its customers and the banking system.
"We have always adopted a zero-tolerance approach towards money laundering and terrorism financing," it said in a statement today.
It was responding to a recent news item on FinCEN document leaks concerning numerous banks in Malaysia and where Public Bank was mentioned.
The report, citing the purported document, said a total of 23 transactions involving US$18.26 million that flowed to or from banks in Malaysia between 2010 and 2016 had been flagged by US-based banks as suspicious.
Public Bank said monitoring and reporting of suspicious transactions were part of the obligation under the Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT) frameworks.
Public Bank said it was subjected to strict arrangements in protecting the confidentiality and security of suspicious transaction reporting within a secured information technology system environment and information controls.
"We have invested substantially in our system's capabilities to detect and report suspicious transactions to the authorities and have allocated significant resources to strengthening and maintaining our internal controls towards this purpose," it added.
- Bernama
