"Bakai Bank" has enhanced its counter-terrorism financing measures

27 March 2023

"Bakai Bank works tirelessly to improve its operations, including those issues that are hidden from customers' eyes and which are significant on the scale of both the financial market and the state as a whole.

At the end of last year "Bakai Bank" signed an agreement with Lexis Nexis Risk Solutions to reduce risks in the field of compliance with money laundering and terrorism financing requirements and legislation.

Under the agreement, in March 2023, the bank's employees received training on the Firco Compliance Link software, which was integrated into the automated banking system. This enables the bank to automatically scan individuals/organizations on the sanctions lists, eliminating the human factor, thereby minimizing the risks of conducting transactions by sanctioned individuals/organizations.

Firco Compliance Link stores customer datasets for continuous screening against sanctions lists.

Lexis Nexis Risk Solutions databases include all required sanctions lists: UN Security Council, OFAC (US), European External Action Service (EU), UK Treasury (HMT), Rosfinmonitoring and others.