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Global Cooperation to Prevent Conflict and Promote Stability
In today’s interconnected world, where global threats are increasingly interconnected, nations must work together to prevent conflict, deter aggression, and respond to emerging crises. Sanctions, far from being punitive measures, are designed to target entities and individuals responsible for malicious behavior, such as terrorism, corruption, armed aggression, and human rights abuses.
Sanctions: A Crucial Tool in the Fight Against Global Threats
The European banking giant, AIB Group plc, has announced its commitment to upholding international sanctions aimed at combating global threats. The bank’s Financial Crime Policy outlines its approach to managing financial crime risk, covering anti-money laundering, counter-terrorism financing, sanctions, fraud, and anti-bribery and corruption.
Preventing Corruption
The policy emphasizes the importance of preventing corruption, which undermines stakeholder legitimacy and trust. AIB Group plc has established a robust Anti-Bribery & Corruption (ABC) program to address potential risks, including employees’ improper offers or transfers of value to public officials or failing to adhere to the requirements of its Conflicts of Interest Policy.
Strengthening Organizational Resilience
Regular communications and training on conflicts of interest and ABC are essential in building organizational resilience against corruption. AIB Group plc’s approach is set out in the ABC section of its Financial Crime Policy, supported by a set of ABC Standards, and its Conflicts of Interests Policy.
Empowering Employees to Speak Up Against Suspected Corruption
The bank has established three channels for employees to report suspected instances of bribery or corrupt behaviors or practices:
- Their supervisor or line manager
- Head of Special Investigations Unit
- Group Internal Audit
- The Internal Speak Up Channel
This demonstrates AIB Group plc’s commitment to fostering a culture of transparency and accountability.
A Comprehensive Approach to Financial Crime Risk Management
The bank’s Regulatory Compliance Risk Management Framework outlines its approach to managing financial crime risk, ensuring that all business areas are responsible for completing quarterly risk assessments to identify potential or perceived conflict situations or corruption. Material matters relating to ABC will be escalated to the Board by management on a case-by-case basis.
Partnering with Suppliers
AIB Group plc will run due diligence checks on all potential suppliers to ensure they comply with its policies and minimize risk. Depending on the potential risk, some suppliers will be subject to the bank’s risk assessment process, reviewed annually in line with its third-party management policy.
A Commitment to Compliance and Transparency
This document synthesizes the key aspects of AIB Group plc’s internal Financial Crime Policy, a detailed policy approved by the Board Risk Committee in September 2022. The policy is embedded within business operating procedures and subject to at least an annual content verification to ensure it remains up-to-date.
Conclusion
In today’s interconnected world, global cooperation is essential in preventing conflict and promoting stability. AIB Group plc’s commitment to upholding international sanctions and its robust approach to managing financial crime risk demonstrate its dedication to playing a responsible role in the global financial system.