Financial Crime World

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Financial Institution Whistleblower Policy Takes Center Stage in Sri Lanka

Leading financial institutions in Sri Lanka are revisiting their whistleblower policies to promote transparency and accountability. At the forefront of this initiative is MBSL Bank & Finance PLC, which has recently updated its Whistleblower Policy.

Protecting Confidentiality and Preventing Victimization

The revised policy emphasizes the importance of protecting the identity of whistleblowers and preventing victimization or retaliation against those who report concerns in good faith.

“Our Whistleblower Policy is built on four key principles: protection of confidentiality, prevention of victimization, anonymous allegations, and reporting in good faith,” said a spokesperson for MBSL Bank & Finance PLC.

Anonymous Allegations Welcome

The policy encourages employees and third parties to report concerns anonymously. However, the credibility of the concerns will be evaluated based on their seriousness, credibility, and likelihood of confirmation from attributable sources.

Reporting in Good Faith

Whistleblowers who report in good faith are protected under the policy, even if later investigations reveal that the information was not true. Those who deliberately mislead or provide false information, however, do not enjoy protection and may face disciplinary action.

Reportable Conduct Includes Questionable Accounting and Insider Dealings

The Whistleblower Policy covers a range of reportable conduct, including but not limited to:

  • Questionable accounting practices
  • Violations of established internal controls
  • Bribery and/or undue commissions
  • Falsifying records
  • Insider dealings
  • Money laundering
  • Theft and fraud
  • Misuse of company assets
  • Violation of Code of Conduct for employees
  • Misrepresentation or false statements

Channels of Reporting and Communication

Whistleblowers can report concerns via email (whistleblowing@mbslbank.com), phone, or in person. In the event that the concern is related to the Head of Internal Audit, whistleblowers should report directly to the Audit Committee Chairman.

Audit Committee Review and Recommendations

The Audit Committee must review the effectiveness of this Policy at least yearly and make recommendations to the Board for improvements to fulfill its objectives.