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Chairpersons

Prince Bank Reassures Stakeholders on Sanctions and Operations

Strategic Insights

— 1 min read

Prince Bank Plc. has been listed on sanctions lists by the US Department of the Treasury's Office of Foreign Assets Control (OFAC) and the UK Government. In response, the Bank's Board of Directors has issued a statement reaffirming its commitment to good governance, transparency, and regulatory compliance. The Bank emphasizes its independence from shareholder influence, strong compliance measures, and ongoing operations despite the sanctions. Key initiatives, such as appointing international legal counsel and engaging with regulatory authorities, are underway to address the sanctions and ensure business continuity.

Key Takeaways:

  • The Board of Directors views the sanctions listing with utmost seriousness and is committed to good governance, transparency, and regulatory compliance.
  • Prince Bank operates under an independent governance framework, with the Board and Management Team conducting business activities autonomously.
  • The Bank has internal structures and control mechanisms in place to ensure adherence to industry best practices and regulatory standards.
  • The Board exercises independent oversight of all operational, strategic, and compliance matters, with regular updates from the Senior Management Team.
  • All key decisions undergo rigorous Board review and approval to ensure adherence to Anti-Money Laundering (AML), Counter Financing of Terrorism (CFT), and other prudential standards.
  • The Bank will appoint international legal counsel to conduct a comprehensive review of the sanctions and develop a plan for removal from the sanctions lists.
  • Prince Bank remains fully operational and financially sound, with all banking services continuing to operate normally.

Statistics:

  • Prince Bank has been listed on sanctions lists by the US Department of the Treasury's Office of Foreign Assets Control (OFAC) and the UK Government.
  • The Bank's financial statements are independently audited by reputable external auditors, with the latest audit report available upon request.
  • The Board of Directors consists of 5 members, with Mr. Honn Sorachna serving as Chairman and Non-Executive Director.

Sources:

  • Prince Bank Plc.Official Statement
  • National Bank of Cambodia (NBC) - regulatory framework governing financial institutions
  • Office of Foreign Assets Control (OFAC) - US Department of the Treasury sanctions lists
  • UK Government - sanctions lists
  • External auditors - independently audited financial statements

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