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Maybank Sustainability Report
2014
G4-57, G4-58
Compliance
Our Code of Ethics and Conduct sets out sound principles and standards
of good practice in the financial services industry and governs all
our interactions with stakeholders, customers, fellow employees and
regulators. All employees observe these principles, and through periodic
training, we ensure all are familiar with the code. This is in line with the
Group’s Core Values, which emphasise ethics when dealing with third
parties and fellow employees.
In 2011, we were the first financial institution in Malaysia to sign the
Malaysian Corporate Integrity Pledge. We are continuously improving our
processes and systems to create a business environment that is free from
corruption in our own business conduct and interactions with business
partners and other stakeholders.
Diversity and Inclusiveness
In accordance with Recommendation 2.2 of the MCCG 2012, Maybank has
established a Board Gender Diversity Policy (Gender Diversity Policy) to
demonstrate our commitment in increasing the representation of women
on the Board. Under the Gender Diversity Policy, the Board has adopted
measurable objectives. Our goal is to have at least one female director
on the Board and have a minimum of 20% female board members by
2016. To achieve this goal, we do our utmost to ensure female candidates
are included in the nomination process for new directorship. In filling a
directorship vacated by a retiring or resigning female director, priority is
given to deserving female candidates.
Further details on our inclusive workplace practices are detailed in the
Our
People
chapter.
The appointments of Datuk R. Karunakaran and Mr Cheng Kee Check in
2014 further underlined our commitment in bringing greater diversity
to the Board. We now have a more balanced representation from major
ethnic groups in Malaysia and also benefit from the diverse skill sets and
considerable experience of our Board.
G4-57, G4-58
Anti-Money Laundering & Counter
Terrorism Financing
Maybank Group continues to adhere to the requirements of the
Anti-
Money Laundering and Anti-Terrorism Financing Act 2001
(AMLATFA 2001),
its processes and procedures, as well as international standards and best
practices. Increased sophistication, broader reach, and global networks in
money laundering and terrorism financing (ML/TF) have elevated the ML/
TF threat to the next level. In the fight against ML/TF, Maybank Group is
committed to have strong Anti-Money Laundering & Counter-Terrorism-
Financing (AML/CTF) practices, which are necessary in ensuring the Group’s
AML/CTF risks are carefully managed. These measures will help lower the
cost of doing business arising from AML/CTF investigations and cases, as
well as protect the integrity and reputation of the Group.
We have a systematic and efficient customer due diligence (CDD) system
in place that enables us to screen customers and establish chain of
movement during on-boarding. Our system allows for notification to Bank
Negara Malaysia and all regional regulators in a timely manner.
Group Compliance is tasked with ensuring compliance with all applicable
laws, rules, regulations and regulatory guidelines. We have compliance
officers at all local, overseas, and subsidiary units to monitor and report
any suspicious transactions, ensure sufficient record retention, provide
continuous employee training, report to senior management, and conduct
independent reviews of the internal AML/CTF measures. In 2014, we
incorporated the updated requirements of Bank Negara Malaysia as well
as the requirements of the Financial Action Task Force.
We have a Group Policy, Procedural Guidelines and Standard Practices,
on AML/CTF. These policies and guidelines are intended to provide all
employees with a standard tool kit in managing AML/CTF risks.
ML/TF is a continuous threat and has the potential to adversely affect
reputation and the investment climate. Globalisation of the financial
services industry and advancement in technology has posed challenges
to regulators and law enforcement agencies as more sophisticated ways
to conduct such acts have emerged. We are at the forefront of the fight
against money transactions leading to financing terrorism.
By complying with Bank Negara Malaysia’s standard guidelines on
AML/CTF, we have indirectly helped in countering crimes that not only
involve terrorism and money laundering, but also other crimes of high
monetary value, such as heists and high-profile briberies. We are obliged
to confirm the source of any money deposited into an individual or joint
account over a certain value. Upon verification, any suspicion will be
forwarded to the Financial Action Task Force of Bank Negara Malaysia,
who will alert the relevant authorities for further action.
Group Anti-Fraud Policy
Maybank has an Anti-Fraud Policy, which provides broad principles,
strategies, and policies for the Group in relation to fraud in order to
promote high standards of integrity. The policy establishes robust
and comprehensive programmes and controls for the Group and
highlights the roles and responsibilities at every level for preventing
and responding to fraud.
Corporate
Governance