Deputy CEO of First Citizens Jason Julien said the bank has enough policies in place to detect illegal payments. He gave that assurance following reports that the bank, along with Intercommercial Bank and Republic Bank Limited (RBL) were listed in a United States Department of Justice indictment related to wire transfers of large sums of money for senior FIFA officials charged with multiple counts of racketeering, money laundering and wire fraud.
"First Citizens, as one of the local banks named, has reviewed the processes used to monitor payments through the bank referenced in this matter, and at this stage, based on our review, policies and procedures have been complied with and we have found nothing to indicate that any illegal payments were knowingly processed through First Citizens," Julien told the T&T Guardian.
"Therefore to date, there is nothing to suggest that First Citizens has acted improperly."
Last week, RBL managing director David Dulal-Whiteway said the bank was assisting with any information the international investigators may need and has launched an independent investigation into the matter.
"As far as we are aware, there is no investigation being conducted in respect of First Citizens," Julien said, adding that banks are "prohibited by law from disclosing whether information or documentation is requested by international bodies in any matter."
He also could not give details of any discussions between the bank and the Securities Exchange Commission or the Financial Intelligence Unit since the bank is prohibited by law from revealing that information.
Julien said there was no need for concern because "it is an integral part of the business of banking to make and receive payments–whether local or international–on behalf of the bank's clients."