Stern International Bank\u00a0has stringent guidelines and initiatives in place to assist its employees to understand and avoid compliance violations related to anti-money laundering, information protection and privacy, conflicts of interest and more.<\/p>\n
All prospective customers shall be subject to Stern International Bank\u2019s Know Your Customer (\u201cKYC\u201d) identification procedure, in compliance with the entity\u2019s AML and KYC Policies. Stern International Bank also complies with the reserve requirements set forth under Article 4 of \u00a0Act No. 273 \u2013 2012, as amended, known as the \u201cInternational Financial Center Regulatory Act\u201d (\u201cIFCRA\u201d), and applicable regulations.<\/p>\n
Stern International Bank\u2019s new customer onboarding procedures are designed to verify beneficial ownership, the current legal standing of the entity and proper licensing.\u00a0Background checks will be conducted with the assistance of several compliance tools to which Stern International Bank subscribes.\u00a0As part of Stern International Bank\u2019s due diligence process, each applicant undergoes a risk assessment analysis to identify key risk areas that serve as the basis for issuing a risk rating.\u00a0Risk ratings determine the level of periodic oversight and review for each customer.\u00a0Stern International Bank\u2019s officers are responsible for conducting customer identification due diligence reviews.\u00a0Final account approval comes from Stern International Bank\u2019s Chief Compliance Officer or its designee, when it is clearly documented that Stern International Bank has been able to establish a solid understanding of an applicant\u2019s background and business model.\u00a0A primary objective of KYC policy is to ensure only legal movement of money takes place at Stern International Bank. The risk that illegal deposits will make their way into Stern International Bank are greatly mitigated as all deposit customers will be parties which have been previously established within the Stern International Bank network and have been thoroughly vetted. Once onboarded, the Payments\/Deposit Officer will be responsible for client support and reporting.<\/p>\n