Sustainability / Responsible Business / Compliance

Adherence to laws, regulations and standards

We believe that compliance is the responsibility of all staff and it is also reflected in on how we conduct our work. We are committed to comply with the laws, regulations as well as our internal standards such as Code of Ethics. We ensure that compliance is embedded in Bank’s processes out of care for our stakeholders and to protect our activities.
Key component of our compliance framework lies in the following approved policies:

Our ability to do what is right not what is allowed is an instrumental factor in our integrity and reputation. We expect all our employees, officers and directors to act in accordance with the highest professional and ethical standards. You can read our Code of Ethics here:

Code of Ethics

The exchange of gifts and benefits between the bank and its stakeholders is normal in the course of business but may appear improper even if there was no unethical intent. We are committed on doing business on merits, not on gifts or offers we give or receive. While accepting or giving gifts we follow 5 principles:

  • It is for a proper purpose
  • Permitted by law
  • Permitted by our policies
  • Permitted by recipients’ policies and
  • Reasonable in value and appropriate in circumstances

You can read our Gift Guidelines here:

Gift Guidelines

Several securities law prohibit the purchase or sale of securities by persons who are aware of material non-public information about a company, as well as the disclosure of material non-public information about a company to others who then trade in the company’s securities.
You may read more on material non-public information here:

Code of Ethics    and     Disclosure Framework

At uab bank, we have fiduciary obligation towards our clients and our shareholders to act in their best interest. This means we avoid and address through controls, disclosures or other appropriate steps actual or potential or perceived conflicts of interest.
You can read our Conflict of Interest Policy here:

Conflict of Interest Policy

Our Anti-Money Laundering Policy and related procedures are designed to comply with all applicable laws and regulations related to money laundering, terrorist financing, financial crime, and international sanctions. The Policy applies to all units of the Bank and our subsidiary company irrespective of their location whereas the procedure is specifically designed for the Bank.
You can read our Anti-Money Laundering Policy here:

AML Policy and Procedure

We adopt rigorous security protocols, checks and policies to ensure all customer data are kept confidential and secure.
You can find more about our privacy practices here:

Statement on Privacy

This policy is in line with our values and the Code of Ethics. The policy also aims to promote standards of professional and ethical conduct, organizational accountability and individual responsibility by encouraging stakeholders to report violations in a responsible and ethical manner.
You can find more on the topic here:

Whistleblower Protection Policy

Related party transactions can present a potential or actual conflict of interest which may be against the best interest of the company and its shareholders. In light of above, uab bank has formulated and implemented policy of related party transactions. You can read more here:

Policy on Related Party Transactions

We take a zero-tolerance approach to bribery and corruption and are committed to act professionally, fairly and with integrity in all our business dealings and relationship. In ensuring this, we have introduced various initiatives as an adequate measure to combat corruption and to safeguard our interest and interest of stakeholders. You can read more here:

Anti Bribery and Corruption Policy

A. The Bank’s policy on dividend is set out in the Dividend Policy.
B. Distribution of Dividend 2019 In order to bolster its capital structure, ensure its capital adequacy and have better alignment with international practices, the Bank decided to retain entirety of year’s earnings available for distribution. You can read more here:

Dividend Policy

At uab bank, we only undertake activities where the bank is satisfied that a particular product or service is appropriate and suitable for a particular customer.
You can read more on our product principles here:

Product Responsibility Statement

Reporting and processes of incidences, complaints, and breach of policy & procedures:

To monitor compliance, a reporting structure is in place to report incidences, complaints and breach of policy & procedure as follows:

  • Compliance Officers are appointed at all branches and head office departments and their duties include the monitoring and adhering of all policies and procedures of the Bank and reporting of incidences and breaches.
  • The Bank has adopted an Incident Reporting mechanism that require the reporting of all operational incidences and breach of policy (as recommended by the Basel standards). Such reporting is required to made by Compliance Officers and Section Heads within 24 hours of the incident to the Risk & Compliance Department and Operations Department at Head Office. Incidences are further escalated to the relevant Supervisors
  • Further, the Bank was following open lines to receive complaints from Customers and Stakeholder:

Each incident raised through the above will be reported through the Incident Reporting mechanism.

  • Reported incidences are escalated to the relevant Supervisors and where this involves the breach of the Code of Ethic or misconduct, the incident is handled by the Disciplinary Committee.
  • The reporting of all incidences is made to the Management Committee and Board Risk Committee by the Risk & Compliance Department through the Bank’s Compliance Officer. The closure of all incidences reported is also monitored.
  • The Internal Auditors as the 3rd Line of Defence also make independent reporting to the Board Audit Committee on compliance matters.
  • Employees are also encouraged to report incidences through open communications to their Supervisors, Heads of Departments or Human Resources Business Partners. Confidentiality and whistleblowing protection is also available to employees as described in the Bank’s Whistleblower Protection Policy.