Preventing Financial Crime
DBS Bank Ltd (DBS Bank) is committed to complying with the sanctions laws and regulations of the United Nations (UN), the European Union (EU) and the United States (US), as well as all applicable sanctions laws and regulations in the jurisdictions in which we operate.
DBS Bank has a Sanctions Policy and Sanctions Economic Standards that define the minimum standards in which DBS Bank and its subsidiaries must comply with to meet the above obligations. This includes:
- Screening customers and transactions against the sanctions lists issued by the UN, the EU, the US (including the Office of Foreign Asset Control of the US (OFAC)) and all applicable local regulatory sanctions lists in the jurisdictions in which DBS Bank and its subsidiaries operate.
- Prohibiting or restricting business activities, personal transactions, customer relationships or facilitating transactions that we believe:
- may violate the applicable sanctions laws, whether directly or indirectly.
- involve individuals, entities or vessels listed on an official sanctions list by the UN, EU, OFAC or the local regulatory sanctions list whether directly or indirectly.
- are residing in, or operating from a sanctioned country/location.
- may potentially circumvent applicable sanctions laws or contravene the spirit of such sanctions laws.
- Blocking or rejecting transactions where DBS is obligated to do so under the applicable sanctions laws or regulations or where the transactions are not within our risk appetite.
In order for us to ensure compliance with any sanctions programme, customers may be required to furnish DBS Bank with additional information as and when necessary.
We may also be required to take appropriate measures should the business relationships result in a risk to DBS Bank.