Compliance
The INTERNATIONAL INVESTMENT BANK being an international financial institution, strives to comply with commonly accepted Compliance rules and standards. The Bank structure includes an independent Compliance Department which reports directly to the Chairman of the Board and is responsible for identifying, managing and monitoring compliance risks under the IIB Compliance Policy.
The Bank doesn’t tolerate any actions aimed at money laundering, terrorism financing, corruption or fraud neither in its own operations nor on the part of its employees or counterparts. Therefore, the Bank supports international efforts to tackle the above practices while actively applying international standards for AML/CFT internal control to its activities.
Counterparties' identification and due diligence as well as operations monitoring are at the core of the Bank’s AML/CFT control system. These enable to effectively identify compliance risks accepted by the Bank and implement activities to reduce and control thereof. Main approaches, standards and requirements for the procedures of the Bank’s AML/CFT control system aimed at preventing participation in forbidden operations are set by the Anti-money laundering and combating the financing of terrorism, fraud and corruption Policy.
The Bank understands that its mission to promote economic growth and increase competitiveness of member states' economies will be more efficiently carried out if its corporate culture is aligned with generally accepted norms of corporate ethics and business conduct. Therefore, the Code of Conduct applicable to each employee of the Bank, has been drawn up and implemented within the IIB. The Code identifies key corporate values and rules of conduct in non-standard situations. The Compliance Department collects information, educates and works with employees to prevent possible conflicts of interest.
Attaching great importance to and promoting the formation of an efficient, transparent and competitive financial market, the Bank introduces internal control measures to prevent, detect, and control misuse of insider information. With this view the Bank approved the «Regulations on the Procedure of Dealing with the Insider Information and Insiders of the International Investment Bank».
The IIB Management Board approved the «Procedure for receiving and handling complaint reports in the IIB» with the aim to gradually implement an Independent Accountability Mechanism within the IIB. Under the Procedures each employee or third party can file a complaint report with the Compliance Department concerning breaches related to money laundering, terrorism financing, corruption and fraud, etc. The IIB ensures appropriate reports handling. Consistent implementation of the Independent Accountability Mechanism corresponds to the member states' interests to increase the Bank’s overall efficiency and social responsibility as an international entity.
IIB joined the Uniform Framework for Preventing and Combatting Fraud and Corruption, elaborated by the leading international financial institutions. Thus, the IIB – on its own initiative – decided to start applying in its activities the most advanced compliance instruments, which proved their effectiveness throughout many years of being used by leading IFIs. Application of these instruments by the Bank will support common efforts of IFIs in combating fraud and corruption.
In recognition of IIB joining the Uniform Framework for Preventing and Combatting Fraud and Corruption the documents of Compliance Department (Policy for Anti-money Laundering, and Combating The Financing of Terrorism, Fraud and Corruption, International Investment Bank Compliance Policy and Procedure For Receiving and Handling Complaints in International Investment Bank) have been amended in order to comply with this Uniform Framework.
Endorsement Statement by the Chairman of the IIB Board