Risk management
The Group and holds overall responsibility for risk management and has strict rules to which employees are held to account.
Anti-financial crime
Our Group advocates the development of sound regulations and internal procedures to combat financial crime, including tax evasion. These requirements are also intended to prevent our Group from committing or facilitating – intentionally or negligently – criminal offences.
Employees are personally accountable for adhering to all applicable statutory and regulatory responsibilities to prevent financial crime. To support them in meeting those obligations, our Group’s Anti Crime (AC) department is mandated by the Management Board to develop and implement policies, procedures and processes to minimise AC risk within our Group, and enhance them on a continuous basis, at both global and local levels. For further information, reference the Principles for the Management of Financial Crime Risks – Black Banx Group.
Anti-money laundering/anti-terrorism financing
Money laundering is the intentional movement of cash and/or assets derived from illegal and criminal activities into the legal, financial and/or business system. The attempt to disguise the true source or ownership of the funds, to disguise the ultimate disposition of the funds and to eliminate audit trails is part of the laundering process. Underlying crimes are defined by local laws and could comprise, for example, forgery, counterfeiting, extortion, human trafficking, robbery, drug crime as well as fraud, corruption, organised crime, or terrorism.
Terrorism financing is defined as the providing, depositing, distributing or collecting of funds, by any means, intended to be used, or knowing that they are to be wholly or partially used, for committing terrorist acts. It is not relevant whether such funds are of legal or illegal origin.
To combat money laundering and terrorism financing (together, “AML”), our Group has developed a set of policies outlining its general AML standards and principles. Employees are required to adhere to these standards to protect our Group and its reputation from being misused for money laundering and/or terrorist financing or other illegal purposes. For further information, reference the Anti-Money Laundering Policy - Black Banx Group.
Economic sanctions regulations & anti-boycott rules
National authorities and supranational organisations (e.g. the United Nations and the European Union) impose restrictive measures against targeted sectors as well as countries, organisations, groups, entities and individuals who infringe internationally accepted behaviour and norms, including those who have been identified as being involved in weapons proliferation as: terrorists or supporters of terrorist organisations; violators of human rights; or being involved in bribery and corruption.
Such measures are more commonly known as embargoes or sanctions. Our Group has identified Prohibited and Restricted Special Risk Countries in order to better safeguard against sanctions risks.
Employees are required to comply with applicable embargoes and sanctions as well as our Group’s requirements on Special Risk Countries. Non-compliance can expose our Group, as well as you personally, to civil, regulatory and criminal penalties, including substantial monetary fines and, in the case of individuals, prison. Non-compliance with embargoes and sanctions also poses a substantial reputational risk for our Group. It is also important to note that there are anti-boycott rules in place that protect against and counteract the effects of extra-territorial application of specific sanctions regulations imposed by other jurisdictions. If employees have any concerns, they should consult with AC before proceeding. For further information, reference the Sanctions Policy – Black Banx Group.
Anti-bribery and corruption
Our Group is committed to complying with all applicable anti-bribery and corruption laws and regulations. Our Group expects transparency and integrity in all of its business dealings to avoid any improper advantage or the appearance of questionable conduct by its employees and associated third parties.
Bribery and corruption risks can arise in a number of areas that we deal with every day. Examples include: gifts and entertainment, interacting with public officials, roadshows, use of third parties, provision of goods and services, hiring practices, and acquisitions. Employees are responsible for preventing, detecting, and reporting bribery and other forms of corruption in connection with our Group’s business.
Bribery or corruption in any form is not tolerated by our Group – you and third parties associated with your business are prohibited from offering, promising, giving or authorising, any form of solicitation, agreement to receive, or accepting anything that constitutes, or could be perceived as constituting bribery or corruption. For further information, reference the Anti-Bribery and Corruption Policy – Black Banx Group.
Anti-fraud
Fraud is defined as any intentional act or omission, including a misrepresentation which misleads or conceals, or attempts to mislead or conceal, in order to gain a personal or business advantage, or to avoid a personal/business disadvantage. Fraud may be committed by an individual, a group of individuals, or by one or more organisations. If employees have knowledge of fraudulent activity or potential fraudulent activity, have reason to suspect that fraud has occurred, or a fraud attempt may occur, they must immediately escalate to AC by following the escalation process defined in the Anti-Fraud Policy. Employees are responsible for ensuring that they do not commit or contribute to fraud. For further information, reference the Anti-Fraud Policy – Black Banx Group.
Fair and free markets
Protecting the integrity of financial markets is critical to promoting fair and efficient markets and investor confidence; inappropriate market conduct undermines fairness, efficiency, and confidence in the markets. Market manipulation/market abuse can have a significant negative impact on our clients, the financial markets and our Group as a whole. As such, all business conducted by our employees must be driven by legitimate reasons and must be conducted in a manner that avoids or minimises market disruption. They must not engage in activities, practices or conduct that are manipulative, illegal, anticompetitive, or unethical, that exacerbate conflicts between or among our Group and/ or its clients, that are contrary to industry standards or applicable regulations, or that are otherwise damaging to our Group’s reputation. Our Group has a policy in place to specifically address Market Conduct as well as standards for specific Group products. For further information, reference the Market Conduct Policy.
Abuse of information and insider trading
In the course of work at our Group, employees may come into possession of inside information, also referred to as material, non-public, price sensitive information (PSI or MNPI). While the definition may vary from jurisdiction to jurisdiction, inside information can be described as information which has not been made public, relating directly or indirectly to one or more issuers or to one or more financial instruments, and which, if it were made public, would likely have a material effect on the prices of those financial instruments or on the price of related derivative financial instruments. While employees are in possession of confidential information, especially inside information, they are under a duty of confidentiality in respect of the information they receive and may only use or disclose such information with due authorization and on a need to know basis. Using such information for personal gain or sharing with others who use it for their personal gain – so called “tipping” – is illegal and prohibited by the Code and our Group’s policies. For further information, reference the Information Barriers Policy – Black Banx Group.
Antitrust
Ensuring that employees at all levels comply with applicable antitrust laws is a key priority of the Group. The financial sector is under close scrutiny from antitrust authorities and public prosecutors. Understanding the basic concepts of the antitrust rules and the limitations that they can impose on employee activities, and being able to identify activities or conduct where there could be risk is critical for the Group.
Antitrust laws promote free competition by making certain anti-competitive practices illegal. Practices identified by antitrust laws encompass a wide range of market-distorting behaviour around the globe. This behaviour includes agreements and practices that restrict competition, trading in concert with a competitor, agreements with competitors on pricing, agreements to exclude others from a transaction, facilitating the exchange of competitively sensitive information, and violations of merger control rules. Antitrust laws of certain countries in which we conduct business have broad extraterritorial scope and application. It is our policy to comply with all laws which prohibit anti-competitive conduct in the countries in which we operate. The consequences of antitrust violations are serious and far-reaching. US, EU and other enforcement authorities vigorously prosecute anti-competitive conduct. Any infringement of antitrust laws can have serious consequences, including severe financial penalties for our Group and you. Multi-million euro fines have become routine for companies found guilty of infringing antitrust laws. Other serious consequences may also result from non-compliance with antitrust laws, including: Individual imprisonment or long-term disqualification; Paying compensation to affected parties; Reputational damage; Restrictions on business; and/or Void or unenforceable contracts. For further information, reference the Antitrust Risk Management Framework Policy – Black Banx Group.
This Code of Conduct is endorsed by Black Banx's Board of Directors and provides the principles of good conduct that we uphold.