Financial and
ESG report 2020

Compliance – ensuring compliance with the regulations

[GRI 103-1, 103-2, 103-3]
The rules and standards to ensure compliance with internal and external regulations are described in “Compliance Policy of Bank Millennium S.A.”.

Within the compliance risk management process, Bank Millennium considers the following areas to be especially significant: 

  • monitoring changes in legislation and market standards, 
  • ensuring compliance of Bank Millenniums internal regulations with generally applicable provisions of law and with recommendations of regulatory authorities, 
  • monitoring and approval of new products as well as modifications or withdrawals of existing products, 
  • approving marketing materials, 
  • reporting violations of applicable laws, internal regulations, or market standards 
  • preventing money laundering and financing of terrorism, 
  • preventing and managing conflicts of interest; 
  • combating corruption, 
  • observing ethical principles; 
  • personal transactions, 
  • protecting confidential information and information subject to professional secrecy, 
  • monitoring and ensuring compliance with respect to the financial products and services covered by the MiFID2 directive. 

A report on the functioning of the compliance supervision system is presented quarterly to the Bank’s Management Board and the Supervisory Board Audit Committee and annually to the Supervisory Board.  

[GRI 419-1] No fines for non-compliance with the generally applicable laws were imposed on the basis of a final ruling on the Bank in 2020.  

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