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In anti-money laundering procedures
Economic 07/28/2024
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Money laundering means giving legitimacy and legal status to money acquired through illegal and illegitimate means, such as bribery, embezzlement, commercial fraud, counterfeiting of money, drug and arms trade, as well as rewards for espionage activities.
This phenomenon is one of the most dangerous global phenomena that has troubled those concerned with combating corruption and monitoring financial exchanges and transactions related to human and drug trafficking gangs, arms smuggling, and financing terrorism. As a result, international organizations were established and agreements were concluded to limit this phenomenon, which has remained closely linked to the state of financial and administrative corruption witnessed by the world in general.
From this standpoint, all global banks are keen to implement the recommendations of the relevant authorities in this regard, most notably the recommendations of the Anti-Money Laundering and Combating the Financing of Terrorism offices, through mechanisms that have developed to the extent that the customer does not feel the regulatory procedures and gives (the compliance officer who is responsible for this matter) confidence as he obtains the required data to follow up on the movement of funds and their sources without embarrassment, while the customer remains always pampered and right.
Based on the above, we record here a multi-faceted observation that is still repeated in some branches of operating banks, despite the introduction of technologies and the reduction of the cycles of slackness in performance through the applications of the comprehensive banking system and despite the recommendations of the relevant authorities regarding protecting the public with the aim of restoring confidence and encouraging the public to save and increase dealings with the banking sector and thus contributing to the recycling of savings by raising credit rates and thus supporting the axes of sustainable development by withdrawing the cash mass hoarded by the public into the banking trading arena.
All banks require their customers who want to open current, savings or deposit accounts to fill out the “Know Your Customer” form, through which the customer’s information is obtained (an official document, such as a national ID card or passport, a residence card or a residence confirmation signed by the relevant authorities, white background photos, and many branches require a guarantee from a person called the identifying person, as this person acknowledges that he knows the person in the event of opening a current account), then the source of the deposited funds is proven and the form is signed. All these procedures are carried out under varying circumstances from one branch to another on the one hand, and when the customer wants to withdraw his money or some of his money deposited in a savings account, for example, on the other hand, he is required again (in some branches) to fill out the “Know Your Customer” form, and what is worse is that he is required to specify the destination of this money, such as coming with a letter in the event of buying a car or buying a house, otherwise he will not be wanted in dealing with the bank again, and this is what I was personally informed of in one of the banks.
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