Society

OCB becomes pioneer in anti-money laundering

The Orient Commercial Joint Stock Bank (OCB) has partnered with Fintek Company and Tess International Company in an anti-money laundering project under an agreement signed on November 9.
OCB becomes pioneer in anti-money laundering ảnh 1Illustrative image (Source: VNA)

HCM City (VNA) – The Orient Commercial Joint Stock Bank (OCB) has partnered with local Fintek Company and the Malaysia-headquartered Tess International Company in an anti-money laundering project under an agreement signed on November 9.

The project will enable the bank to have a complete risk management system in February 2017 to the Basel II standards that include recommendations on banking laws and regulations issued by the Basel Committee on Banking Supervision.

According to Le Thi Kim Xuan, head of the Vietnam Banks’ Association representative office in Ho Chi Minh City, the extensive international integration allows money laundering activities to expand and become more sophisticated, targeting developing countries with a high ratio of cash use.

Meanwhile, Nguyen Dinh Tung, OCB General Director, said that the project is an important step forwards of the bank, reflecting its pro-activeness in applying advanced technologies to enhance risk management capacity and observing regulations in the field.

According to Fintek President Nguyen Hoang Ly, the project will support OCB in reaching long-term and strategic goals, and also contribute to strengthening risk management measures in the national financial-banking sector.

The project also aims to provide quick and safe products and services to customers, he said.-VNA

VNA
#Orient Commercial Joint Stock Bank (OCB)#anti-money laundering#Basel II#financial-banking sector
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