The Compliance Group at CIB is an independent unit that supports the Bank to pursue its growth strategies and indicates its reliability. The Group provides intrinsic benefits beyond avoiding fines and penalties, that includes constructive communication, improved overall business practices, and better understanding of the regulatory environment and its application in practice. The Group also works to ensure CIB adheres to compliance standards to safeguard the Bank against a full spectrum of compliance risks.
The Compliance Group has five Divisions under its umbrella:
The Policies and Procedures Division ensures that all controls, laws, and regulations are embedded in the applied policies and procedures, which are periodically reviewed to ensure they are up to date. The Division is also responsible for reviewing and approving marketing materials, contracts, and customer forms.
The Corporate Governance and Code of Conduct Division commits to follow international best practices and market standards by ensuring that a sound Corporate Governance model is in place. The CIB Corporate Governance Guidelines provide the framework for the effective governance of the Bank to enhance long-term values of shareholders, employees, other stakeholders, and the community.
The Anti-Money Laundering and Terrorism Financing (AML) Division monitors transactions and customer account activity and screens transactions against negative lists and those related to sanctioned countries to avoid the Bank's involvement and shield it against money laundering and terrorism-financing crimes.
The Foreign Account Tax Compliance Act (FATCA) Division ensures the right implementation of FATCA regulations within CIB and provides a yearly report to the US Internal Revenue Services (IRS).
The CBE Relations Division serves the entire Bank to ensure all banking operations comply with CBE instructions and guidelines.
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Click here to view the Code of Conduct