One of the main tasks of Compliance is to help ensure that BNP Paribas remains a trustworthy Bank, not only by complying with laws and regulations, but also by complying with the spirit of laws and regulations.
The Compliance function is evolving. Regulatory, geopolitical and societal changes place Compliance more and more at the crossroads of the strategy and everyday action of the bank and its customers.
Compliance also has to ensure the security of the Group, its business lines and territories, which implies adapting to the growing demands of regulators, customers and public opinion.
Know Your Customer (KYC)
The “Know Your Customer” (KYC) domain is in charge of defining and maintaining Group policies based on client segments (information and documentation, name screening, assessment of the business relationship, risk scoring, on-boarding decision process), to ensure the policies comply with regulations and to monitor the implementation of the policies by the Businesses.
The “Group Financial Security”(GFS) domain is a department divided into two teams, located in Paris and NYC. GFS Paris is primarily responsible for the prevention of money laundering and the fight against corruption and terrorist financing, while the main role of GFS US is to ensure the overall supervision and coordination of the Group’s efforts to comply with U.S. and other international sanctions and embargos.
Clients’ Interests Protection (CIP)
The role of the “Clients’ Interests Protection” (CIP) domain is to make sure that the Group’s clients are provided with clear and accurate information on product features, costs and risks and that they are offered the most suitable products and services.
The CIP service ensures the compliance of the entire development and sales process for a given product (design, validation, promotion, sale, after sale services, complaints handling etc…) as well as of the monitoring of the bank/client relationship throughout the relationship life cycle.
The “Market Integrity” domain is committed to ensure the Group activities compliance with:
1) the rules applicable to:
- circulation of confidential and privileged information and prevention of insider trading
- operations on financial instruments
- pre and post market transparency rules
- prevention and detection of market abuse
- detection and management of conflict-of-interest situation
2) the rules governing the organisation and rules of conduct applicable to the Group as a producer of financial services and instruments.
Professsional Ethics deals with the compliance of the professional behavior of the Group’s employees. It sets internal rules and promotes a culture of integrity to prevent employees from taking advantage of their position for personal gains. One of its roles is to make sure that everyone acts honestly, loyally and professionally.