Citi helps raise awareness of anti-money laundering regulations

December 01, 2014 | 16:26

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Citi Vietnam has just hosted compliance seminars in Hanoi and Ho Chi Minh City, attracting more than 150 senior executives and compliance specialists from nearly 30 financial institutions across the country.

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The seminar was set to boost awareness among the banking industry professionals about anti-money laundering in the context of tightened local regulations by Vietnam’s regulators.

Recently, Vietnam’s government and State Bank of Vietnam issued and revised an increasing number of laws and regulations on anti-money laundering that market players must follow within a tight timeframe. The seminar also provided an opportunity for the participants to learn from Citi’s global expertise and profound experience in anti-money laundering.

“Citi is very much committed to raise high awareness and to promote best practices in anti-money laundering in the markets that we currently operate. It is critical that industry participants including banks and their end clients understand and strictly adhere to anti-money laundering rules and regulations,” Dennis Hussey, managing director, Citi country officer for Vietnam, said.

Regulatory environment, tools for risk identification and assessment, and sanctions were amongst modules reviewed and discussed during the day. The sessions were then concluded by a call for enhanced and continuous training. It was believed that all relevant individuals of the banking industry should be aware of money laundering and terrorist financing issues, including how these crimes operate and how they might take place.

The anti-money laundering training seminars hosted by Citi Vietnam demonstrated the bank’s commitment to strengthen the compliance environment and help contribute to sustainable growth of Vietnam’s banking and finance sectors.

By By Nhu Ngoc

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