Due Diligence
Due diligence at Rawbank
Compliance is at the heart of Rawbank's system. It involves all functions and employees. Rawbank takes all necessary measures to comply with the regulatory framework applicable to the banking sector and to meet the highest international standards.
Audit for Transactions Below $10,000
The bank is committed to knowing its customers by implementing the necessary KYC due diligence. Rawbank verifies the identity and financial situation of all current and future clients (due diligence) to assess potential risks they may pose to the bank (corruption, fraud, money laundering, etc.).
Rawbank also conducts due diligence with all its suppliers and external partners to ensure they align with the bank’s policies, particularly in terms of combating money laundering and terrorism financing. This due diligence is an essential verification step for all new suppliers.
Audit for Transactions Over $10,000
Finally, when cash transactions exceeding $10,000 are made, the bank performs an additional level of verification, for instance, requiring knowledge of the reasons for not using a conventional transfer.
In 2020, Rawbank doubled its commitment to control by investing in state-of-the-art IT infrastructure to strengthen the quality of compliance control.
Rawbank: Ensuring Compliance and Quality for Its Clients and Suppliers in Kinshasa and Across the DRC
The Concept of Due Diligence at Rawbank
Rawbank, one of the leading banks in the Democratic Republic of the Congo, places paramount importance on compliance and the quality of its services for its clients and suppliers. By adhering to the highest international banking standards, Rawbank ensures a safe and reliable environment for all stakeholders. One of the cornerstones of this commitment is the implementation of rigorous due diligence procedures. These procedures not only help maintain an excellent image with clients and suppliers but also ensure a qualitative and tailored banking environment for everyone. In this article, we will explore the various aspects of due diligence at Rawbank and the benefits it offers to all involved parties.
Due Diligence for Clients
A. The KYC and Risk Assessment Process
Rawbank places particular emphasis on knowing its clients (KYC) and assessing associated risks. To this end, the bank conducts identification and verification of the financial situation of each current or prospective client. This approach helps evaluate potential risks such as corruption, fraud, or money laundering, thus protecting both the bank and its clients.
B. Benefits for Clients
Thanks to this rigorous process, Rawbank's clients enjoy a secure banking environment that complies with both international and national standards in the Democratic Republic of Congo. Furthermore, the bank is able to offer services tailored to the specific needs of each client, whether it's free offers, price comparisons, economical solutions, or virtual payments. This allows clients to benefit from a personalized and quality banking experience.
Due Diligence for Suppliers and Partners
A. Checks with Suppliers and Partners
Before collaborating with a supplier or partner, Rawbank verifies that these entities align with its internal policy and values. This involves ensuring that suppliers and partners comply with local (Kinshasa) and international regulations, as well as best practices in social and environmental responsibility.
As part of its due diligence, Rawbank also ensures that its suppliers and partners are not involved in money laundering or terrorism financing activities. The bank conducts comprehensive checks, including analyzing the funding sources and transactions made by the concerned partners.
B. Benefits for Suppliers and Partners
Suppliers and partners working with Rawbank enjoy several advantages related to compliance and the quality of the professional environment.
By partnering with Rawbank, suppliers and partners are assured of working with a respected financial institution recognized for its compliance with international banking sector standards. This collaboration enhances the reputation and credibility of suppliers and partners with their own clients and stakeholders.
Assurance of a Quality and Tailored Professional Environment
Rawbank strives to create a high-quality and tailored professional environment for its suppliers and partners. By focusing on compliance, the bank ensures a transparent and secure working framework, where financial and legal risks are minimized. Thus, suppliers and partners can focus on developing their business with peace of mind, knowing that their interests are protected and their transactions are managed with rigor and professionalism.
Specific Measures for Significant Transactions
A. Control of Transactions Over $10,000
Rawbank implements specific measures for significant transactions, especially those exceeding $10,000. In such cases, an additional level of verification is required for cash deposits. The bank demands to know the reasons behind the choice not to use a conventional transfer. This procedure aims to ensure the transparency of operations and to prevent illicit activities such as money laundering or terrorism financing.
B. Rawbank's Investments to Strengthen Compliance
To ensure optimal compliance control, Rawbank doubled its commitment to control in 2020. The bank invested in state-of-the-art IT infrastructure to enhance the quality and efficiency of compliance control. These investments enable Rawbank to detect and prevent risks more quickly and accurately, thereby ensuring a secure banking environment that meets international standards for all its clients and suppliers.
A Secure and Tailored Banking Future
Due diligence is a critical element for Rawbank, its clients, and its suppliers. It enables the bank to guarantee a secure, transparent environment compliant with international banking sector standards. Through rigorous procedures such as the KYC process, risk assessment, and control of significant transactions, Rawbank ensures the protection of its clients and partners and maintains its reputation.
The implementation of these procedures and the ongoing investment in cutting-edge technology to strengthen compliance demonstrate Rawbank's commitment to an increasingly qualitative and tailored banking environment that meets the expectations of all involved parties. Rawbank's clients and suppliers can thus enjoy a customized, high-quality banking experience, with the assurance that their transactions and information are managed with utmost seriousness and professionalism.