KYC Information for Counterparts – Eurasian Development Bank

Extracts from the Bank’s Compliance Control Regulations (KYC and AML/CFT)

Eurasian Development Bank (EDB) is an international financial institution governed by international law and founded by the international Agreement Establishing Eurasian Development Bank dated 12 January 2006 between the Heads of State of the Russian Federation and the Republic of Kazakhstan, having its headquarters in Almaty, Kazakhstan.

The Bank has six member states: the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.

In accordance with Article 1 of the Agreement Establishing the Bank, the Bank’s mission is to promote the development of market economy in its member states, their sustainable economic growth and the expansion of trade and other economic ties by means of investment. The laws of the Bank’s member states governing the establishment, licensing, regulation and winding up of entities and institutions do not extend to the Bank.

The Bank’s operations in a member state are governed by applicable international treaties, the Agreement Establishing the Bank, the Bank’s Charter that form an integral part of the Agreement Establishing the Bank, and the Agreement between the Government of such member state and the Bank on the Bank’s presence in the member state. The above agreements were ratified by the member states and prevail over their respective national laws.

The Bank finances major investment projects in Eurasia by providing long-term loans to public and private enterprises, as well as in the form of equity participation, guarantees, direct or indirect finance for private investment funds, and loans to commercial banks for sub-lending. The priority areas for lending include infrastructure development projects (transport, power, telecommunications and municipal facilities), the development of high value-added production facilities, and energy efficiency programmes.

In accordance with international standards (FATF and Wolfsberg Group), the Bank has developed and maintains a KYC policy, an AML/CFT, anti-corruption and conflict of interest programme, and a mechanism for ensuring compliance with global sanctions.

The KYC functions are vested with the divisions engaged in customer/counterpart relationships, the Economic Security Division and the Compliance Control Division that form part of the Security and Compliance Control Department (SCCD).

The SCCD is headed by the Security Director accountable directly to the Deputy Chairman of the Management Board of the Bank.

The KYC policy and the AML/CFT programme are included in the Compliance Control Regulations approved by the Chairman of the Management Board after their consideration by the Management Board. The Regulations are revised as necessary.

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