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Anti-Money Laundering

It is the intent and policy of Cathay Bank to comply with all rules and regulations of the Bank Secrecy Act (BSA), Anti-Money Laundering Act, the USA PATRIOT Act and all regulations of the Department of Treasury and the Internal Revenue Service. Cathay Bank does not do business with foreign shell banks. In order to meet its responsibilities under the above laws and regulations, Cathay Bank has appointed a BSA/AML and OFAC Compliance Officer, approved by the Board of Directors, and has implemented a written anti-money laundering and counter terrorist financing prevention program.

Cathay Bank’s Enterprise-Wide AML/CTF program consists of policies, procedures, internal controls and systems that are designed to detect and prevent money laundering and other suspicious activity and to ensure the establishment of adequate AML/CTF and OFAC reporting and recordkeeping processes. As part of this program, a Customer Identification Program (CIP) has been established whereby new customers are identified prior to the inception of the account relationship. Transaction behavior and account relationships are monitored for irregular, suspicious and/or illegal activities and are reported accordingly to the appropriate regulatory agencies. The program also requires ongoing employee training and annual independent audit testing.

 

Cathay Bank AML Questionnaire

Cathay Bank has also prepared an AML Questionnaire, based on Wolfsberg’s publication of the Banker’s Almanac AML Questionnaire, for use by any financial institution that requires more detailed information about Cathay Bank’s AML/CTF compliance program. Please click below to view/print the questionnaire.

PDF icon Questionnaire (PDF)

 

 

Patriot Act Certification

Cathay Bank has prepared a global certification for use by any financial institution that requires a Patriot Act Certification (PAC) for a Cathay Bank foreign entity. Please click the below link to view/print our Patriot Act Certification.

PDF icon Certification (PDF)

 

 

Have Questions?

If the Cathay Bank business that maintains a correspondent account with your institution is not listed in our PAC or if you have questions regarding any of the above AML information, please contact Marisa_Derojas@Cathaybank.com.

 

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