Croatia Faces New Challenges in Financial Compliance

The Croatian National Bank has taken significant steps to promote ethical behavior and responsible conduct among its employees. As a key member of the Eurosystem and Single Supervisory Mechanism, the bank is committed to maintaining high standards of integrity and professionalism.

Core Principles of Conduct

The Code of Conduct implemented by the Croatian National Bank is built on six fundamental principles:

• Responsible Conduct: Emphasizing the importance of avoiding conflicts of interest and ensuring open, accurate, and professional communication within the bank.
• Honesty: Encouraging employees to act with integrity and transparency in all their interactions.
• Independence: Prohibiting gifts or advantages related to one’s work, with specific exemptions outlined in detail.
• Impartiality: Ensuring that decisions are made without bias or prejudice.
• Transparency: Promoting open communication and clear expectations within the bank.
• Equality, Diversity, and Inclusion: Fostering a workplace culture that values diversity and promotes equal opportunities.

Regulatory Compliance

The Code incorporates provisions from the Eurosystem Ethics Framework and Single Supervisory Mechanism Guidelines, ensuring that Croatian National Bank’s ethics rules align with those of European central banks. Employees are obligated to act lawfully, exercise caution, and restrain themselves when conducting private financial transactions.

Compliance Office

The Compliance Office oversees employee compliance and implements direct controls within the ethics framework, reporting any cases of non-compliance to the Governor. This office not only fosters ethical principles but also provides assistance to employees in understanding their responsibilities.

Conclusion

By promoting a culture of transparency and accountability, the Croatian National Bank strengthens public confidence and preserves its reputation as a reliable financial institution. As it continues to evolve within the Eurosystem and Single Supervisory Mechanism, the bank remains committed to upholding the highest standards of integrity and professionalism.