ADB Supports Basisbank in strengthening international financial sanctions framework and advancement in TBML risks managing tools
Basisbank (the Bank) obtains technical assistance in strengthening the international financial sanctions framework and improving tools for managing Trade Based Money Laundering (TBML) risks. The project is supported by the Asian Development Bank's Trade and Supply Chain Finance Program (TSCFP) and is implemented by experts from international consulting firm.
AML/CTF is a high priority for Basisbank, along with observing high standards of compliance with international sanctions. Therefore, the Bank deems this project well timed and indispensable for meeting the rapidly changing requirements for monitoring the sanctions.
Availability of reliable partnership in that area is always one of the strategic tasks of Basisbank, especially in the current reality of international sanctions. It is extremely important for the Bank to meet international standards and requirements vis-à-vis the regulator, partner banks, financial institutions and customers. The Bank remains committed to following this approach and principle.
"We acknowledge the added value of the technical assistance project, believing that knowledge-sharing will equip the Bank with an even better opportunity to rise to a higher level with expanded and improved international cooperation. This partnership between Basisbank and the Asian Development Bank (ADB) will allow us to reinforce our position as a development-focused financial institution who takes care of funding international trade, by applying modern-day international-standard monitoring tools.
The Bank devotes considerable resources to being in full compliance with applicable sanctions and anti-money laundering standards for international trade. New requirements and regulations are developed and implemented on an ongoing basis. Being one of the important contributors to the strategic development of the Bank's compliance with international standards, the project acts to promote further strengthening of the institution, with valuable insights of both current and new partners," said David Kakabadze, Risk Management Director of Basisbank.
After the 30 years of activity on the market, Basisbank Holding is a solid universal financial institution that provides high-quality financial services to both retail and large and medium-sized businesses. The Group encompasses insurance and leasing businesses. According to the financial data of 2022, the total assets of Basisbank amount to GEL 3.2 billion.
About the Asian Development Bank
Established in 1966, the Asian Development Bank (ADB) covers 68 countries, including 49 from the Asian region. With an AAA credit rating and over 250 partner banks, the Asian Development Bank’s Trade and Supply Chain Finance Program (TSCFP) provides financial access to trade and supply chain with credit resources and guarantees, hence facilitating economic growth and new jobs, and subsequently improving living standards. TSCFP initiatives facilitate the global trade and supply chain participants to develop as environmentally conscious, sustainable, inclusive, transparent and socially responsible entities and aim for the successful, multilateral, resilient and sustainable development of the Asia-Pacific region. ADB is committed to eradicating extreme poverty in the region.