Daedong Credit Bank Issues Anti Money Laundering Policy
Daedong Credit Bank is proud to be the first bank operating the Democratic People’s Republic of Korea (DPRK) to announce that they have a detailed set of written procedures against money laundering.
Money laundering is an issue that is being taken more and more seriously by national governments, enforcement authorities, financial regulators, indeed any organisation responsible for tracking down illegal activities, these days very often related to terrorism and / or organised crime.
According to the Asian Development Bank’s Manual on Countering Money Laundering and the Financing of Terrorism (March 2003):
“The integrity of the banking and financial services marketplace depends heavily on the perception that it functions within a framework of high legal, professional, and ethical standards. A reputation for integrity is one of the most valuable assets of a financial institution.
If funds from criminal activity can be easily processed through a particular institution– either because its employees or directors have been bribed or because the institution ignores the criminal nature of such funds–the institution could be drawn into active complicity with criminals and become part of the criminal network itself. Evidence of such complicity will have a damaging effect on the attitudes of other financial intermediaries, and of regulatory authorities, as well as ordinary customers.”
Daedong Credit Bank does not support in any way the financing of illegal activities, Daedong Credit Bank’s success is built upon its own reputation.
Daedong Credit Bank has a special position as the oldest foreign-invested JV bank in the DPRK, and provides banking services to all the major foreign-invested JVs; it therefore stands on its solid reputation, and part of this is being the leader in the adoption of internationally accepted best practices in every field.
In this regard it is especially important that Daedong Credit Bank is completely open with correspondents and regulators.
To this end, Daedong Credit Bank is proud to be the first bank operating the Democratic People’s Republic of Korea (DPRK) to announce that they have a detailed set of written procedures against money laundering.
These procedures have been disseminated to every member of the bank’s staff via the procedures manual; the procedures are followed, and audited as being followed, on all transactions.
About Daedong Credit Bank
Daedong Credit Bank is a joint venture retail bank based in Pyongyang. It was established in 1995 as “Peregrine Daesong Development Bank”.
The Bank underwent a change of name and foreign ownership in 2000. It is proudly preparing to celebrate its tenth anniversary.
Daedong Credit Bank is the first, by ten years, foreign majority held bank in the DPRK.
The bank’s principal function is to offer normal “high street” banking facilities in hard currency to: foreign companies, joint ventures, international relief agencies and individuals doing business in the DPRK.
The bank has a significantly strong position; in relation to the future economic development of the DPRK, and it is the oldest established foreign invested commercial bank in the DPRK. It is the intention of the bank to capitalise on these advantages.
The wealth of experience garnered over Daedong Credit Bank’s 10 years of successful operation is unrivalled.
Daedong Credit Bank
401, Potonggang Hotel