Definitions

The Group’s Anti-Money Laundering Policy covers all activities designed to protect the Group from being used as a medium for facilitating illegally obtained money from sources including illicit trafficking in narcotic drugs and psychotropic substances, participation in an organized criminal group, illicit arms trafficking, corruption, smuggling, fraud and robbery or theft, embezzlement or any other criminal activities.

The Policy also covers Terrorism and Terrorist act and defines them as any act that is “aimed at killing or severely injuring a civilian or any other individual who does not participate directly in an armed conflict; if by nature or due to the circumstances, such an action aims at intimidating a population or forcing a government or an international organization to take or refrain from taking a given action.”

Why a policy?

Money laundering has become a major international problem. In cash intensive economies such as obtains in our region, illegal money can easily be integrated into the financial system. Our countries also are exposed to drug trafficking, embezzlement and racketeering.

As far as terrorism is concerned, the increased incidence of terrorist acts at the international level has necessitated appropriate preventive and repressive measures to stop their financing. Therefore, financial and banking institutions are expected to participate actively and strongly in the implementation of measures aimed at, among others, freezing of funds and other financial assets owned by individuals or organizations that commit or participate in terrorist acts. Ecobank Group addressed very early the need to protect itself and its staff against Money Laundering and Terrorism Financing activities and their consequences.

In 1998, Ecobank approved an "Anti Money Laundering Policy" for implementation in all the operating units of the Group. This policy was adopted in line with "Rules of Business Ethics" for Directors and Staff, setting the pace for true ethical practices in the Group.

Recent developments

Money laundering methods and techniques are constantly changing. The “Anti-Money Laundering Policy,” of the Group accordingly deals particularly with diligences relative to the identification of the customer or the ultimate beneficiary of any operation, as well as the freezing of the assets of all individuals and institutions officially listed by the international community as suspected sponsors of terrorism.

Where the requirements of the Anti-money Laundering and Anti-Terrorism Financing Policy are not met subsidiaries will not commence business relations or perform any transaction. In the event that there is an existing business relationship, such relationship would be terminated and a report made to the relevant authorities.