Expression of Interest For Comprehensive Assessment Of The Aml/Cft Program And Controls Of Five Syrian Banks

Expression of Interest for Comprehensive Assessment of the AML/CFT Program and Controls of Five Syrian Banks The International Finance Corporation ("IFC") is currently exploring potential business discussions with six (6) Syrian banks (the Banks). Bank 1 provides Sharia-compliant retail, corporate, and investment banking services with balance sheet of $48 million, and is a subsidiary of a banking group with subsidiaries across Asia, Middle East & Africa. Bank 2 is a conventional private bank with balance sheet size of $30 million and majority strategic ownership by a top regional player which provides strong institutional support. Bank 3, a subsidiary of one of the top financial institutions in the Middle East, provides conventional corporate, retail, trade finance and payment services with a balance sheet size of $17 million. Bank 4, one of the largest conventional private banks in Syria with large branch network and other banks within its network, has a balance sheet of $60 million and majorly owned by two regional players. Bank 5 is a conventional private Syrian bank with balance sheet size of over $15 million, relatively strong regional shareholder base, and retains a functioning national franchise, a broad conventional product set, and a clearer trade finance and payments orientation than many peers. Bank 6 is majority owned by a regional player and operates conventional banking in Syria through 11 branches with a balance sheet size of ~$11 million. Assignment IFC wishes to conduct a comprehensive assessment of the Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) and economic sanctions compliance program and controls of the six Banks against relevant international standards and industry best practices. For each bank, the assessment shall include determining the inherent ML/TF risk profile of the bank, an evaluation of the banks control maturity, a view as to its design adequacy relative to the banks risk profile, and sample-based testing to assess the effectiveness of the primary preventative, detective and reporting controls. The outcome of this assessment is a final report to the IFC with the Consultants findings and supporting evidence. The assessment will be done in phases with the initial phase focused on Bank 1 while the other five banks would only be done upon confirmation with prospective banks over the next 24 months. The initial contract would focus on Bank 1 while the contract may be modified to cover up to five additional banks once there is a confirmation to proceed from banks. Tender Link : https://wbgeprocure-rfxnow.worldbank.org/rfxnow/public/advertisement/7062/view.html