Compliance
[GRI 103-1], [GRI 103-2], [GRI 103-3] The rules and standards of ensuring compliance with external and internal regulations are described in the document entitled Bank Millennium S.A. Compliance Policy. Within the compliance risk management process, Bank Millennium considers the following areas to be particularly important:
- monitoring changes in legislation and market standards,
- ensuring compliance of the Bank’s internal regulations with the generally applicable provisions of law, as well as recommendations issued by regulatory authorities,
- monitoring and approving new products and modification or withdrawal 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,
- preventing corruption,
- observing the ethical principles;
- personal transactions,
- protecting confidential information and professional secrets,
- monitoring and ensuring compliance with respect to financial products and services covered by the MiFID2 directive.
A report on the operation of the system for supervising legal compliance is presented quarterly to the Bank’s Management Board and the Supervisory Board Audit Committee, and annually to the Supervisory Board.
[GRI 419-1] In 2021, no financial penalties were imposed on the Bank by final judgment for non-compliance with generally applicable laws.