In 2016, we extended greater efforts to strengthen our various
controls over operational, compliance, anti-money laundering
and regulatory measures. Our Group’s Anti-Money Laundering
& Combating the Financing of Terrorism policy (AML/CFT) meets
the principles and requirements set out in the AML/CFT laws and
regulations of the various jurisdictions where the Group operates
– these are of course mandatory at local level. We also strive to
comply with the international standards and best practices set
by the international organisations and recommendations placed
by major global correspondent banks.
Anti-bribery and corruption is addressed in the Group AML/CFT
policy and the Group Code of Ethics and Conduct.
A stand-alone policy relating to anti-bribery and corruption
is established in Bank Audi entities if required by applicable
laws or regulatory authorities.
In line with international best practices and the evolving
standards of global banks, especially in the U.S., the Group
will enhance and further elaborate on directives relating
to anti-bribery and corruption.
During 2016, Bank Audi worked closely with the Lebanese Banking
Association on drafting an ABC manual which was reviewed by
Deloitte and is supposed to be distributed to banks by Q2 2017.
The Central Bank’s 2012 Circular 126 stipulates that we should
be fully informed of the laws and regulations governing our
correspondents abroad, and deal with the latter in conformity
with the laws, regulations, procedures, sanctions and restrictions
adopted by international legal organisations or by the sovereign
authorities in the correspondents’ home countries.
Table 6: Anti-corruption Related Training