Truist Financial Corporation and Truist Bank (Truist) have established and continues to maintain an enterprise Anti-Money Laundering Program, designed to ensure, that at a minimum, Truist and all of its businesses are in compliance with all applicable laws, rules and regulations related to anti-money laundering and anti-terrorist financing initiatives. Among other relevant laws, the Anti-Money Laundering Program ensures that Truist is in compliance with all applicable provisions of the Bank Secrecy Act and the USA Patriot Act.
Specifically, the Truist Anti-Money Laundering Program requires that each Truist business maintains a compliance program that provides for:
- A system of internal controls to ensure that appropriate due diligence, and when necessary, enhanced due diligence, including obtaining and maintaining appropriate documentation, is conducted at account opening and updated, as necessary, through the course of the customer relationship;
- The designation of an Anti-Money Laundering Compliance Officer, or other appropriate personnel, responsible for coordinating and monitoring day-to-day compliance with the Anti-Money Laundering Program and applicable laws, rules and regulations;
- Recordkeeping and reporting practices in accordance with the Anti-Money Laundering Program and applicable laws, rules and regulations;
- Appropriate methods of monitoring transactions and account relationships to identify potentially suspicious activity;
- Reporting of suspicious activity to governmental authorities in accordance with the Anti-Money Laundering Program and applicable laws, rules and regulations;
- Training of appropriate personnel with regard to anti-money laundering and anti-terrorist financing issues and their responsibilities for compliance; and
- Independent testing to ensure that the controls required by the Anti-Money Laundering Program and applicable laws, rules and regulations have been implemented and continue to be appropriately maintained.
Truist is committed to conducting business in conformity with the highest standards in adherence to all applicable economic and financial sanctions administered by the United Stated Department of the Treasury’s Office of Foreign Assets Control (OFAC). Truist recognizes the importance of economic and financial sanctions administered by OFAC as a critical component in denying use of the financial system to malign actors. Truist maintains a risk-based OFAC compliance program to fulfill its legal and regulatory obligations. Truist takes all necessary and reasonable steps to ensure that it does not engage in any activities with any individuals, entities, organizations or countries (or geographic areas within a country) prohibited by OFAC, or the government of a jurisdiction in which Truist may operate.
As Part of the Truist Anti-Money Laundering Program, Truist provides a Wolfsberg Questionnaire and a Patriot Act Certification, as required by the USA Patriot Act.