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Compliance
Bank of Beirut (UK) Ltd has an independent compliance function to ensure that the bank complies with all relevant laws, regulations, rules, internal policies and procedures applicable to its banking activities.

This ensures that our customers receive the very best service as required by our stringent internal standards and the requirements of our regulatory bodies which are: The Prudential Regulation Authority, the Financial Conduct Authority and BaFin (Germany).

This function also encompasses other important specific areas such as the prevention of money laundering and terrorist financing and Anti-Bribery and Corruption (ABC).

Know Your Customer (KYC)

The basis of all procedures for the prevention of money laundering and terrorist financing is having sufficient customer information to enable the bank to know exactly who they are conducting business with.

Customer identification procedures and due diligence measures apply to any natural person or legal entity of any type. These measures comprise the following:
  • Identifying and verifying the customer's identity on the basis of documents, data or information issued or obtained from a reliable and independent source;
  • Identifying the beneficial owner who ultimately owns or exercises control over the customer;
  • Collecting information on the purpose and intended nature of the business
  • relationship;

Bank of Beirut (UK) Ltd takes all necessary measures to identify its customers at the outset of the relationship. A business relationship is never established until the identity of a potential customer is satisfactorily established and verified.

The bank conducts periodic reviews to establish the veracity and adequacy of previously obtained customer identification documents, data or information.

Screening of Customers

Bank of Beirut (UK) Ltd utilizes various software and databases to screen prospective and existing customers, beneficial owners, shareholders, directors, authorized signatories, etc. against international sanctions lists such as those issued by the United Kingdom, EU, US OFAC and UN. The software also screens for any potential adverse information that may exist for a potential new or existing customer. In addition, our screening software also identifies any potential customer that falls under the category of a Politically Exposed Person (PEP).

Transaction Monitoring

The bank conducts ongoing transaction monitoring in order to identify potential suspicious activity. If activity of a suspicious nature is identified, the appropriate authorities are alerted in a number of ways including the filing of a Suspicious Activity Report (SAR).

Training and Education

Ongoing training with regard to anti-money laundering and countering the financing of terrorism issues, compliance responsibilities, Anti Bribery and Corruption (ABC), etc is provided to appropriate personnel.

Internal, External and Compliance Audits

Independent testing by an externally appointed auditor and other internal testing is conducted periodically to ensure that our bank’s Compliance and Anti-Money Laundering Compliance Programmes are functioning as required in order to protect our bank and its customers.

Bank of Beirut (UK) Ltd is a member of the Financial Services Compensation Scheme and is subject to the jurisdiction of the Financial Services Ombudsman Service Ltd. Full details of these schemes can be obtained upon request.

USA PATRIOT ACT

Bank of Beirut (UK) Ltd certifies compliance with the USA PATRIOT ACT. Please click on the link below to view or print the latest certificate

USA FATCA

Bank of Beirut (UK) Ltd certifies compliance with the USA Foreign Account Tax Compliance Act (FATCA) – GIIN Number – dmdbnh.0001.me.826

Common Reporting Standard

The Common Reporting Standard (CRS) has been initiated by the Organization for Economic Cooperation and Development (OECD) aiming at improving international tax compliance and preventing tax evasion, through the automatic exchange of information between the countries that implement CRS.

The jurisdictions that are adopting CRS, including the UK, collect and report   information relating to the tax residence(s) and tax identification number(s) of their customers.

For more information about the Common Reporting Standard, please visit the official website of OECD http://www.oecd.org.


Modern Slavery

Bank of Beirut (UK) Ltd has no tolerance to slavery, servitude, forced labour and human trafficking (Modern Slavery) and seeks to avoid partnering with businesses that do not embrace the principles and aims of the UK Modern Slavery Act 2015.   The Board has approved a Modern Slavery Statement which is available via the link below

Contact Us

Should you require any additional information regarding Bank of Beirut (UK) Ltd compliance, please do not hesitate to contact us using the below e-mail address:

compliancemail@bankofbeirut.co.uk

For further information, please see below links.

USA PATRIOT ACT CERTFICATE LINK

WOLFSBERG QUESTIONNAIRE LINK

MODERN SLAVERY LINK


Bank of Beirut (UK) Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. | Privacy & Security
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Frankfurt Branch
Operating as a branch of Bank of Beirut (UK) Ltd, Frankfurt office is the only branch of a Lebanese –owned bank in Germany; It holds a full banking license granted by the PRA and FCA in UK and the BaFin in Germany.

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