Compliance

Integrity is a major attribute in gaining the trust of our clients, shareholders, employees and the general public. Accordingly, the LLB Group attaches great importance to the legal and compliance function. During 2015, it again expanded human resources in this unit. This independent organisational unit supports responsible, business-oriented activities and ensures that compliance risks are reduced or avoided, for example damage to the Group’s reputation or infringements of legal provisions.

Ensuring good compliance is a challenging management task. Using our learning management system, the Legal & Compliance Department organised e-tutor training courses on due diligence obligations, cross-border banking and dealing with clients taking into consideration tax aspects. Advanced training on our rules of conduct, which were defined in 2013, was provided to staff. In addition training courses were offered on the MiFID directive. The Group Regulatory Committee monitors the implementation of regulations. In accordance with regulatory provisions, since the beginning of 2014, banks in the EU, and therefore in Austria, are obligated to set up an internal reporting point for employees, to which infringements of legal banking regulations in the broadest sense can be anonymously reported. The LLB Group has standardised the process to prevent infringement of legal banking regulations and has set up a confidential entity to receive anonymous reports.

In 2015, the Group Legal & Compliance Department continued fine-tuning its measures to prevent money laundering and the financing of terrorism in accordance with know your customer (KYC) and know your transactions (KYT) principles. In addition, the organisational unit is intensively involved in various innovative projects.