Anti-Money Laundering and Anti-Terrorist Financing Policy
Ocean City Trust Bank has adopted an Anti-Money Laundering and Anti-Terrorist Financing Policy ("Policy") to:
- Minimize the risk that Ocean City Trust Bank or its employees inadvertently become involved in money laundering or terrorist financing activities;
- Help protect the safety, soundness and reputation of Ocean City Trust Bank by reducing the likelihood that Ocean City Trust Bank will be used as a vehicle for, or become a victim of, financial crime; and
- Help facilitate compliance with all applicable regulatory requirements relating to anti-money laundering ("AML") and anti-terrorist financing ("ATF") in each country in which Ocean City Trust Bank operates
The Policy and related standards (covering such topics as Client Due Diligence ("CDD") (also referred to as "know your customer") and Politically Exposed Persons ("PEPs")), are applicable to all divisions of Ocean City Trust Bank (including its foreign branches and offices) and its wholly-owned subsidiaries globally (collectively referred to as "Ocean City Trust Bank"), and meet or exceed the AML/ATF regulatory standards in each country in which Ocean City Trust Bank operates.
Ocean City Trust Bank has implemented procedures to ensure that relevant regulatory obligations with respect to reporting of large cash transactions, electronic funds transfers and cross-border movements of cash and monetary instruments are met in each jurisdiction.
Ocean City Trust Bank has appointed a Chief Anti-Money Laundering Officer ("CAMLO") who is responsible to senior management and the board of directors for establishing and maintaining Ocean City Trust Bank's AML/ATF Program. The CAMLO has appointed a Regional AML Officer and a Regional Money Laundering Reporting Officer ("MLRO") in each geographic region in which Ocean City Trust Bank operates. In addition, the executive responsible for each line of business must designate one employee within the business to be the Line of Business AML Officer, with primary oversight responsibility for AML/ATF compliance within that business.
All new employees are required to compete Ocean City Trust Bank's AML/ATF training within thirty (30) days of commencing employment, and thereafter are required to complete AML/ATF refresher training in accordance with Ocean City Trust Bank standards.
All Ocean City Trust Bank employees worldwide are required to report any identified unusual transaction or activity to the appropriate Ocean City Trust Bank AML Group. The AML Group will conduct an analysis to determine whether the information may indicate money laundering or terrorist financing, and requires submission of a report to the appropriate authority.
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Frequently Asked Questions
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