UOB's Approach to Correspondent Banking AML Compliance
United Overseas Bank Limited ("UOB"), its branches in and outside Singapore and subsidiaries ("UOB Group entities") are committed to complying with the regulations of Monetary Authority of Singapore and applicable laws, rules and regulations in the jurisdictions in which UOB Group entities operate.
UOB Group entities do not open accounts; continue customer relationships; provide products or services; execute or facilitate transactions (directly or indirectly); or engage in any correspondent banking activity involving anonymous accounts, shell banks and payable through accounts. UOB Group entities may also, at their sole discretion, decide not to process or to facilitate transactions or to provide correspondent banking activity even where permissible by Anti-Money Laundering/Countering Financing of Terrorism (“AML/CFT”) regulations, if these activities fall outside of UOB's risk appetite.
In addition, UOB Group entities may restrict certain correspondent banking activities involving (directly or indirectly) countries, individuals or industry sectors that are the target of AML/CFT enforcement or regulatory actions by authorities.
We wish to inform our customers that by applying for products and services and continuing a banking relationship with UOB, you shall be required to represent and to warrant that at all times, you shall not use UOB Group entities, its products or services (regardless of currency) for the benefit of money laundering/terrorist financing activities. Where required, UOB Group entities will take necessary actions, including terminating relationships that appear to violate AML/CFT regulations. By upholding a strict stance on AML/CFT in correspondent banking activities, UOB is protecting the interests of our customers against risks arising from money laundering and terrorism financing.
UOB’s Wolfsberg Correspondent Banking Due Diligence Questionnaire in the SWIFT Registry, provides an overview of UOB’s policies and process on our efforts to combat these risks. If you have any questions, you may contact us via the SWIFT Registry platform.