A robust compliance function and processes allow any organization to reliably achieve its objectives, address uncertainty, and act with integrity.

Compliance's key task is to ensure that the practices, activities and staff are operating within the regulatory framework and, equally as important, within the bank’s voluntary boundaries defined in its policies and procedures.

Compliance is a multi-dimensional function with strong practices that protect CIB from the risk of regulatory fines, material financial losses, and a loss of reputation due to failure to comply with regulations, rules, and banking standards and codes of conduct. It also provides intrinsic benefits, such as constructive communication, improved business practices, and a better understanding of the regulatory environment.

Compliance Group

At CIB, Compliance Group ensures that the relevant controls and regulations are embedded in the bank’s policies and procedures, which are periodically reviewed to ensure they are up to date, and that risks identified by the bank are appropriately mitigated. The Compliance Group is an independent function that reports into the subsidiary Board Audit Committee consisting of five arms, which are:

Financial Crime is established to combat financial crime through its diversified units which are: AML transaction monitoring, sanctions, screening, customer’s due diligence, Analytics & MIS and staff accounts monitoring units, also leads the advisory, awareness and oversight role as related to financial crime.

Regulatory Compliance manages the overall relation with the bank’s different regulators through its regulatory affairs unit, offering advisory compliance services including FATCA implementation across the bank. These teams ensure clear, accurate and transparent communication with the relevant local and international regulators, and the proper implementation of regulations across the bank.

Compliance Monitoring & Testing is responsible for overseeing the compliance program and providing independent assessments of its control environment. The team operates as an independent testing arm while managing Compliance process control monitoring as part of the second line of defense.
Additionally, they design and implement risk-based reviews to provide assurance related to compliance and controls at an organizational level. Furthermore, the team is responsible for managing and delivering required compliance training and awareness to ensure compliance culture is embedded in everything the bank does.

Customers’ Rights Protection oversees the customers’ complaints mechanism in coordination with the different customer service and support departments; ensures fair treatment of customers in terms of transparency, confidentiality and information secrecy; spreads awareness and financial literacy to bank’s customers; ensures compliance to regulatory guidelines and internal policies when providing products or services, financial advice and information, and upon advertising and launching products or services.

Whistle Blowing is responsible for stipulations of the CIB Whistle Blowing policy by encouraging people to speak-up and raise any concerns for any inappropriate behaviors and practices that contradict the CIB core values. This function is obliged to safeguard and protect the identity of whistleblowers.