Anti-money laundering and fraud prevention

Standards for the prevention of money laundering and fraud

All ProCredit institutions also apply international best-practice methods to protect ourselves from being used as a vehicle for money laundering or other illegal activities such as the financing of terrorism. All ProCredit institutions comply with local regulations and in addition apply a uniform policy framework (the Group Anti-Money Laundering (AML) Policy and the Group Fraud Prevention Policy) which is in compliance with German and EU regulatory standards.

At the heart of our approach are the efforts made by our staff to know their customers personally, and the set of safeguards created by the rigorous operational and security procedures employed by the group. All ProCredit banks have an AML officer who oversees the implementation of group-level and local policies and training. ProCredit Holding co-ordinates these efforts on a group-wide level and carries out detailed reporting in line with the applicable local and international regulations. All ProCredit institutions operate with a monitoring software solution for the prevention of money laundering (Siron® AML, Siron® PEP and Siron® Embargo) provided by the German company Tonbeller.

Fraud is a risk which all banks must take measures to combat. Given our countries of operation and the high degree of decentralised decision-making necessary in our business, fraud is perceived to be a particularly important risk in our operations. However, our emphasis on building a corporate culture founded on strong business ethics and transparent communication has proved to be highly effective as a means of preventing fraud. We select only the best staff, train them thoroughly, and support our operations with the appropriate procedures for assessing and eliminating fraud risk.