Exchange Bank of Canada has implemented a regulatory compliance risk management program, incorporating the continuous development and maintenance of robust policies, guidelines, training and risk-assessment tools and models, to ensure compliance with applicable regulatory requirements.
EBC is committed to operating its business in compliance with applicable regulatory requirements. The Bank has established a regulatory compliance framework, which establishes the structures, processes and other key control elements used to manage and mitigate regulatory compliance risk inherent in EBC’s business.
EBC’s Board of Directors provides oversight of the regulatory compliance management program and is ultimately responsible for effective enterprise-wide regulatory compliance management, including the Bank’s internal control framework.
EBCFX is built with its integrated Compliance Verification System (CVS) at the core of the software.
The regulatory compliance management program includes the Anti-Money Laundering (AML) program to deter, detect and report suspected money laundering and terrorist financing activity. EBC's Anti-Money Laundering and Anti-Terrorist Financing compliance program is enhanced by its proprietary software, EBCFX, and its integrated Compliance Verification System (CVS). The system is built with compliance at its core, which facilitates compliance with "Know Your Customer" (KYC) best practices, prudent due diligence and monitoring processes. EBC uses various analytical and statistical processes to detect, monitor and assess transactions for suspicious activities and to identify transactions that meet the regulatory reporting requirements.
Money laundering, the attempt to disguise the source of money derived from criminal activity, is a criminal offence in Canada. The financial industry is targeted by groups looking to launder money or conduct other illegal activities and EBC's entire team is committed to preventing the use of its financial services for money laundering, terrorist financing, or other criminal activity, in violation of applicable regulations and economic sanctions.