Compliance & Controls Group is an independent function that identifies, assesses, advises on, monitors and reports on the Bank’s compliance risk (the risk of sanctions, financial loss or harm to the Bank’s reputation arising from failure to comply with all laws, regulations, codes of practice, etc.)

Bank’s remedial action over Anti-Money Laundering & Combating Financing

In order to prevent the possible use of Bank as a conduit for money laundering or terrorist financing activities, MCB Bank has adopted & implemented risk based approach through “Customer Due Diligence (CDD) & Anti-money Laundering (AML) / Combating Financing of Terrorism (CFT) Policy” approved by the board, which is in line with AML (Anti Money Laundering) Act 2010 and SBP AML / CFT (Combating Financing of Terrorism) regulations along with international best practices.

MCB-Compliance has adopted appropriate & effective risk-based screening, monitoring and searching processes and procedures.

Real-time Payment Screening: In order to prevent makings funds available in breach of sanctions, embargos or other measures, Bank has placed automated system for the screening or filtering of relevant payments instructions prior to their execution.

Customer Screening: Bank performs the screening of customer names and associated details against lists provided by relevant competent authorities (like, UN, EU, OFAC, etc.) both at initial on-boarding and at other points during the client relationship. Further, for identification of PEP Bank uses web solution that includes profiles of Politically Exposed Persons, as well as those of their family members and close associates.

Transaction Monitoring: Bank uses dedicated automated transaction Monitoring System for monitoring transactions after their execution in order to identify unusual transactions, including monitoring of single transactions as well as transaction flows, for subsequent review and, where appropriate, reporting to the authorities

Correspondent Banking Relationship

For effective correspondent risk management and to mitigating the associated risk MCB Bank adheres to the Wolfsberg’s Principles for establishing and maintaining of Foreign Correspondent banking relationship.

USA Patriot Act Certification: The USA Patriot Act is a United States statute. It requires U.S. financial institutions to obtain certain undertakings and maintain certain records about banks outside the United States with whom they maintain correspondent accounts.

As permitted by the final rules, MCB Bank keeps a Certification / Recertification available for use by any financial institution that needs it.

Form W8-BEN: MCB Bank keeps Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding Form ​W-8BEN-E for information.

MCB Bank AML/KYC Completed Questionnaire for Correspondent Banks: As a part of MCB Bank’s anti-money laundering policies and practices. A completely filled Anti-Money Laundering Questionnaire available for information.

MCB Questionnaire – Anti-Money Laundering Questionnaire
Wolfsberg – CBDDQ – MCB Bank Ltd

AML/KYC Questionnaire required from Correspondents: Anti-Money Laundering Questionnaire required to be filled out by correspondent bank.
MCB AML/KYC Questionnaire for Correspondent Banks
MCB AML/KYC Questionnaire for Exchange Companies/MSBs

For any assistance / clarification please contact us via email at [email protected]

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