Business News of 2014-07-18

Rural Banks asked to check money laundering

Mr. Kwadwo Aye Kusi the Managing Director of ARB Apex Bank, has said Rural and Community Banks (RCBs) had a role to play to make the criminal activities of money launderers unprofitable.

To this end, ARB Apex Bank has directed each RCB to put in place an anti-money laundering (AML) process and controls to protect themselves and their reputation.

Mr. Kusi who said this in a speech read for him at the annual general meeting of Adansi Rural Bank, said corporate policy demanded that compliance notice should be “boldly placed at your banks to prevent and ward off both customers and staff from money-laundering, terrorist financing and proliferation of weapons of mass destruction".

He explained that money laundering was the process whereby criminals attempt to conceal the origin of the proceeds of their criminal activities, adding ‘’it is not about the building but what people do in the bank building".

Mr. Kusi reminded that banks would collapse if there were no customers and therefore called for partnership between banks and customers to ensure that knowledge was shared equally for the two parties to benefit from the business of banking. Alhaji Abdul lateef Majdoub, the District Chief Executive for Adansi North, said the bank faced stiff competition from other financial institutions in the area and urged them to seek ways of strengthening and developing its operations to maintain the confidence of its numerous customers.

He commended the board and management of the bank for its social intervention programmes that were helping to promote education, health, security and sports in the district.

Alhaji Majdoub said “I wish to register our appreciation to the bank for these impressive social interventions in support of government’s efforts to better the lives of the people.”