“BCB Group maintains a strong risk culture and embraces carefully managed risk taking in pursuit and delivery of its strategic goals.”
What follows is an extract from BCB’s Financial Crime risk appetite statement which details:
This Financial Crime Risk Appetite Statement (the “Risk Statement”) emphasises BCB Group’s (1) commitment to combating financial crime by defining BCB’s risk appetite, risk tolerance and strategy.
Financial crime, as referred to throughout, encompasses money laundering, terrorist financing, tax evasion, proliferation financing, sanctions breaches, fraud and associated risks.
We perceive our relationships with our clients as a collaborative venture, where mutual dedication to legal compliance is key. Each client pledges to fulfil its obligations under the law, ensuring that accounts at BCB operate in strict adherence to governing statutes, regulations and robust standards.
The principles outlined in this statement apply directly to our B2C and B2B clients and indirectly to our ‘ nested customers’ in turn onboarded by our clients.
BCB has no appetite for any involvement in facilitating deliberate or knowing participation in activities that may lead to illicit behaviour or engaging in activities where potential new or increased risk exposures have not been thoroughly evaluated and mitigated before commencement.
BCB maintains a comprehensive financial crime management framework, which emphasises the importance of regulatory standards, professionalism, maintaining high quality staff, and accountability to stakeholders.
BCB’s risk appetite underpins both this framework and the firm’s financial crime mitigation strategy.