Compliance -

Compliance

The bank fully complies with the laws and regulations issued by the Central Bank of Libya, which constitute the primary regulatory framework for our banking operations.

Believing in our responsibility to protect the global financial system, the National Union Bank is committed to implementing the Wolfsberg Group Principles. These principles represent the gold standard in the fight against financial crime and embody best practices that help promote integrity and transparency in the banking sector.

The National Union Bank adheres to FinCENguidelines and ensures compliance with the requirements of the USA PATRIOT Act when dealing with U.S. institutions or conducting transactions in U.S. dollars.

These measures help promote financial transparency, detect suspicious activities, and protect the financial system from the risks of money laundering and terrorist financing, in line with international best practices.

As part of its commitment to international standards, the National Union Bank is committed to complying with the Foreign Account Tax Compliance Act (FATCA). This law aims to prevent tax evasion by U.S. citizens who hold financial accounts abroad and to promote transparency in the global financial system.

The National Union Bank places integrity and transparency at the forefront of its priorities, based on its belief in the need to protect the local and global financial systems. In this context, the bank adheres to a rigorous and comprehensive compliance framework based on international best practices

The National Union Bank has adopted a comprehensive program to combat money laundering and terrorist financing by applying the highest international standards issued by the Financial Action Task Force (FATF).

These standards are intended to combat these crimes on a global scale and protect the financial system from risks.

Union National Bank prioritizes integrity and transparency, believing in the need to protect the local and global financial systems. In this context, the bank adheres to a rigorous and comprehensive compliance framework based on international best practices.

(Training and Professional Development for the Compliance Department)
The National Union Bank is committed to strengthening its compliance and corporate governance framework in accordance with international best practices and standards through continuous investment in the professional development of its compliance department.
In this context, the bank’s compliance team participated in a number of specialized training programs and workshops offered by K2 Integrity in the following areas:_
_ International Sanctions Compliance and Sanctions Programs
_ Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT)
_ Trade Finance and Documentary Credit Risks
_ Due Diligence Procedures and Risk Management

The National Union Bank places anti-money laundering and counter-terrorism financing at the heart of its corporate strategy, reaffirming its unwavering commitment to the highest standards of integrity and transparency in all its operations. Guided by our belief in the importance of integrity, fairness, and transparency in the banking services we provide to our customers, we continually strive to operate in a professional environment characterized by integrity and full compliance. This commitment is reflected in our strict adherence to the laws and regulations of the Central Bank of Libya, our adoption of international best practices through the Financial Action Task Force (FATF) standards, our compliance with the Foreign Account Tax Compliance Act (FATCA), and our adoption of the Wolfsberg Group principles as a key reference in combating financial crimes.
This commitment is embodied in the implementation of a comprehensive and integrated compliance framework that covers all banking operations and ensures our adherence to relevant local and international laws and regulations. We are committed to leveraging the latest technologies to enhance our capabilities in monitoring transactions and detecting suspicious activities. We are also proud of our dedicated team of experts, who are committed to ensuring the effectiveness of our compliance programs.
Recognizing that combating financial crime is a collective responsibility, our commitment to these standards reflects our dedication to actively contributing to the protection of the global financial system and to strengthening the trust of our customers and partners.