Our approach towards regulatory compliance encompasses complying with applicable laws, rules, standards and regulations, and meeting regulatory expectations in the markets in which we operate. Overseeing this is Group Compliance, an independent function which reports directly to the Group CEO and has direct access to the Board.
Group Compliance provides functional compliance leadership and guidance for the establishment of a strong compliance culture and framework within the Group. The function identifies, assesses and coordinates the management of compliance risks and ensures that the Board and senior management are informed of significant compliance issues and plans for resolution.
The Group Compliance Charter is aligned with the standards of the Basel Committee on Banking Supervision’s “Compliance and the Compliance Function in banks” paper. The Charter establishes the basic principles and duties of the Group Compliance function, roles and responsibilities of the compliance stakeholders, and the relationship between Group Compliance and its compliance stakeholders.
UOB holds a firm stance towards Anti-Money Laundering / Countering the Financing of Terrorism (AML/CFT). To manage AML/CFT risks, we keep abreast of global AML/CFT regulatory developments and regularly review our policies, procedures, frameworks, programmes and transaction monitoring systems to ensure their robustness and compliance with regulatory requirements.
To manage insider trading risks and potential conflicts of interest effectively, we have also invested in a pre-trade clearance system to monitor employee adherence to the Group Policy on Personal Trading in Securities.
We engage regulators regularly to exchange views and information on regulatory compliance matters, regulatory reforms and developments. The interaction also helps us to ensure that the Bank’s policy and framework remain robust to meet both regulatory requirements and expectations, and that we are able to manage any emerging risks promptly and proactively.
UOB adheres to international regulatory standards such as the Volcker Rule, Foreign Account Tax Compliance Act and Common Reporting Standards by taking steps to operationalise the requirements.
Treating our customers fairly
Our people, from the boardroom to the branch, are mindful that doing what is right by our customers is right for the Bank. That is why we emphasise that everyone at UOB has a role to play in ensuring that Fair Dealing is at the heart of everything that we do – our Fair Dealing culture is embedded in our business operations, processes and all customer engagements.
To reinforce high standards of ethical and professional behaviour, the Bank requires all UOB employees to complete e-learning modules covering topics such as MAS Fair Dealing, banking secrecy and computer misuse, insider trading and market misconduct, anti-money laundering and anti-bribery. Employees also receive mailers on ethics and compliance-related news and the relevant lessons learnt. Where required, Group Compliance also conducts customised training sessions to strengthen employees’ awareness and understanding of regulatory trends and issues.