Ak Bars Bank - compliance
AK BARS BANK is striving to strengthen its reputation in international financial markets, by building strong business relationships with foreign financial institutions.
AK BARS continuously supports its relationship with current and potential partners in order to attract international investments to the growing markets of the Republic of Tatarstan and the Russian Federation.
AK BARS Bank’s active co-operation with foreign financial institutions,
alongside its policy of transparency, fosters its active involvement in international business and promotes a better understanding by its clients.
Bank Compliance Policy
The Corporate Compliance program at AK BARS BANK is at the heart of its corporate culture. The bank ensures an effective compliance operation and strives to develop a corporate culture adhering to the standards of reliability and integrity.
The Board of Management of AK BARS BANK ensures compliance with applicable legal frameworks, rules and standards, at all levels of corporate management and corporate culture.
Ensuring compliance with applicable laws, rules and standards covered by the Corporate Compliance program, guarantees that the Bank adheres to pertinent codes of behavior in organized markets and follows established standards regarding management of conflicts of interest, fair treatment of clients and assured integrity while advising our clients.
AK BARS BANK Compliance Office was established in order to assist the Board of Management of AK BARS BANK in compliance risk management, and to develop and execute various activities aimed at minimizing such risks. The office follows a number of principles in its work:
- Provision of the necessary resources for the fulfillment of responsibilities
- Segregation of duties
- Cooperation with internal audits
The Compliance Office monitors the Bank’s compliance with all laws, regulations, guidelines and standards applicable to its operations including:
- Ensuring that AK BARS BANK policies and procedures are consistent with the laws of the Russian Federation, the requirements set by the Central of the Russian Federation, regulatory authorities, as well as self-regulatory organizations’ standards and codes of behavior.
- Monitoring execution of internal Compliance and risk management policies and procedures applicable to the business processes of AK BARS BANK.
- Monitoring the Bank’s compliance with regulations relating to federal regulations related to calculated targets and parameters, legal restrictions on its operations in the securities market, and requirements for the securities market, and AK BARS BANK’s internal policies and procedures.
- Ensuring that the Bank follows the law of the Russian Federation regarding orders and terms of information disclosure as applicable to the securities market.
- Monitoring that AML / CFT controls are implemented in compliance with the administration of internal control programs.
- Ensuring that reasonable measures are put in place to prevent usage of non-public information for personal gain or gain of others while conducting business in the professional securities market.
- Monitoring adherence of AK BARS BANK marketing information (containing advertisements of a professional participant in the securities market) with the requirements set by the laws of the Russian Federation.
Compliance PrinciplesThe effective functioning of compliance programs and the achievement of compliance risk management objectives is based on the application of basic principles expressed in the Bank’s internal policies, rules and regulations. The following guidelines and the list of applicable documents are an integral part of the Bank’s compliance operations:
Corporate compliance and ethics
In its activities, the Bank adheres to the following corporate and professional values:
- Professionalism. The Bank strives for quality and timeliness in its client service activities. The Bank applies modern technologies and uses innovative approaches in order to work more effectively.
- Legitimacy. The Bank strictly follows generally accepted principles and norms of international law, the laws of the Russian Federation and applicable legal acts.
- Responsibility. The Bank is responsible to its shareholders for its performance, to its clients for the quality of it’s the Bank services and to its business partners for proper execution of its obligations. The Bank follows principles of corporate social responsibility and provides contributions to the welfare of society through implementation of socially significant projects.
- Openness. The Bank has a policy of maximum openness and transparency of operations to its shareholders, clients, business partners, state and local governments. The Bank seeks to provide all interested parties with every available source of publicly disclosed information relating to its operations.
- Efficiency. The Bank maintains a results-driven organizational culture. The bank aims to achieve the best results, while making the best use of its resources.
The following are the main objectives of the development of the Bank’s corporate governance system:
- Raising the level of transparency
- Improving management processes
- Reducing exposure to risks
- Preventing conflicts of interest
- Adhering to high ethical standards in interactions with all stakeholders.
The Bank constantly monitors its compliance with the corporate governance code, and ensures adherence to its corporate values.
Prevention of Conflicts of Interest
Bank employees, members of the management team and other persons directly involved in the activities of the Bank including, those whose actions may impact Bank operations, should seek to avoid conflicts of interest by, among other safeguards, not performing activities that involve or could lead to such conflict.
In order to prevent conflicts of interest parties should:
- Put the interests of the Bank and its clients above their own, and refrain from actions and decisions that may lead to a conflict of interest.
- Obey local regulations and the Bank’s internal policies and procedures.
The Bank has developed regulations on transactions related to AK BARS Bank entities, related parties, and large transactions, in order to increase control over risks related to such dealings.
“Know Your Employee” (KYE)
Prevention of illegal insider trading and market manipulation.
In order to prevent manipulation of securities’ market prices by the Bank and its clients, the Bank has developed and approved a List of measures aimed at preventing price manipulation by AK BARS Bank and its clients.
The Bank, in its capacity as a professional participant in the securities market, and its clients, owners of the securities, are not permitted, with respect to securities admitted for trading on the stock exchanges and/or other stock market trading platforms, to manipulate market prices or to compel others to purchase or sell securities by providing deliberately distorted information about securities, issuers of securities or securities prices, including information provided in promotional materials.
The Bank has developed and adopted a List of measures aimed at preventing unauthorized use of insider information while operating in the securities market, in order to prevent unsanctioned usage of insider information at the Bank while operating in the securities market.
Confidentiality of information
The Bank ensures compliance with all legal requirements and is committed to abiding by the best security practices in regards to information about the Bank’s clients and their operations, and observing best practices in personal data storage and processing.