Compliance ControlCompliance Control
One of the important tasks of the Bank is to have an effective system of elements and mechanisms for preventing money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction (AML/CFT and FPWMD) and for managing regulatory (compliance) risks.
In order to comply with legal requirements and to organise processes and procedures for compliance risk management,
As part of the implementation of the Bank's strategic goals to create a first-choice financial institution, the approach to a number of AML/CFT and FPWMD requirements was revised, significantly advancing financial monitoring and compliance towards digitalisation and implementation of automated solutions.
Repeated restrictions and stay-at-home order introduced in the reporting period served as factors that pushed the process of digitalisation of banking services and prioritised their transition to the online mode. Re-engineering of processes towards automation made it possible to almost completely transfer interaction with customers into remote communication channels and shape the customer experience.
The Bank is a permanent member of the dedicated committees of professional associations: Association of Banks of Russia ("Russia" Association), National Council of Financial Market, Compliance Council of Rosfinmonitoring. Employees of the Compliance Control and Financial Monitoring Department within these associations review and formulate comments and proposals on legislative initiatives, make proposals to improve AML/CFT and compliance regulatory requirements, and, together with representatives of the banking community and government agencies, work out common solutions and approaches to the implementation of these requirements.
VTB Bank monitors compliance with business ethics and anti-corruption requirements on a regular basis. The Bank has a multi-channel system for receiving employee reports of violations and abuses, including those related to conflicts of interest, corruption and business ethics. Information is analysed, causes are identified, and recommendations are developed for subdivisions on how to resolve situations that have arisen and prevent their occurrence in the future.