Our compliance policy
Our compliance and risk culture underlies our clients’ trust and our excellence in relationship banking
Our Compliance culture
Indosuez has internal rules that follow the legal and regulatory requirements applicable to banking and financial activities.
This ensures we retain our stakeholders’ trust (clients, employees, investors, supervisory authorities, suppliers, etc.).
In an increasingly complex environment with ever tougher regulatory standards, banks have been obliged to raise their KYC (know your customer) standards in recent years. The obligation to ensure that client information is accurate means banks know their clients better, enabling them to serve and protect them better.
To make our compliance approach easier to understand, we have broken it down into four parts:
- Compliance – highstandard principles
- Compliance – ready to listen
- Our antimoney laundering, counter terrorist financing, anti-fraud and anti-bribery policies
- Our contribution to the international exchange of tax information and the fight against tax avoidance.
Our Code of Conduct
Compliance – high-standard principles: Our Code of Conduct
An Ethics Charter and a Code of Conduct
The Code of Conduct is intended to guide all of our actions and decisions and our behaviour on a daily basis. As well as applying all the legal, regulatory and professional rules that govern our activities, the Code of Conduct reflects our commitment to take things further so we can better serve our clients and satisfy all our stakeholders.
Compliance – ready to listen
Making a complaint
If you have a complaint regarding your relationship with us, please contact your Wealth Manager or your usual contact person or their supervisor. You will have received their contact details at the start of your client relationship and in your dealings with them.
We will do all we can to address your complaint and get back to you as soon as possible.
If you have any problems regarding payment transactions, you can contact your usual Wealth Manager or use any other means of complaint set out in your contracts.
Protecting your personal data and others’ data (GDPR)
Because your personal data are invaluable, Indosuez has a specific structure and set-up in place to ensure data confidentiality and security and control the use made of your data (oversight of activities that process personal data, management of data storage, responses to data subjects’ requests to exercise their rights, etc.).
Protecting you on the financial markets
The financial markets offer many investment opportunities and potential returns, but at the same time they expose investors to a wide variety of risks, which must be clearly indicated to you to ensure they match your risk appetite.
In complex financial markets, Indosuez’s professionals use all their expertise to provide you with appropriate advice.
Helping you make the right investments
By your side, we will assess your financial expertise based on your knowledge and experience of financial products, your financial position and your investment goals.
We will first ensure that all our investment advice and recommendations are fully suited to your risk profile.
Before making any investments, our professionals will provide you with suitable information about the financial products and their inherent risks to ensure you fully understand the transactions you perform.
Informing you about our conflict of interest management policy
A conflict of interest may arise in several situations in the pursuit of banking or financial activities. In general, a conflict may arise when a situation could be detrimental to a client’s interests.
There are three main types of conflicts of interest:
- conflicts of interest between one client and another client;
- conflicts of interest between the Bank (or its Group) and its clients;
- conflicts of interest between the Bank’s employees and the Bank or its clients.
Indosuez follows the principle that clients’ interests come first and it has adequate internal controls in place, including a periodic review of all activities and individual transactions to identify any situations that could give rise to a conflict of interest.
It also has whistleblowing procedures regarding potential or actual conflicts of interest. Indosuez records the types of services or activities where a conflict of interest with a significant risk of harming the interests of one or more of its clients has arisen or could arise.
Our anti-money laundering, counter terrorist financing, anti-fraud and anti-bribery policies.
A specific system
In accordance with legal and regulatory requirements and Crédit Agricole S.A. group’s policy, Indosuez has a specific system in place to prevent money laundering, terrorist financing and bribery and comply with embargos and asset freezes. This system applies in all entities.
Our international obligations
Our international obligations are:
- the 40 recommendations of the Financial Action Task Force (FATF) issued in February 1990 and revised in February 2012 intended to prevent the banking system from being used to launder money of criminal origin,
- Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (Text with EEA relevance). This European Union Directive aims to harmonise the approach taken by Member States. It was supplemented by the new Directive 2018/843 of 30 May 2018 (the fifth Anti-Money Laundering Directive), which is currently being enacted by the Member States.
Our obligations in Monaco
National obligations in Monaco mainly arise from:
- Act no. 1362 of 3 August 2009 pertaining to the fight against money laundering and the financing of terrorism and corruption,
- Act no. 1462 of 28 June 2018 on the fight against money laundering, terrorist financing and corruption,
- Sovereign Order no. 7065 of 26 July 2018, amending Sovereign Order no. 2318 of 3 August 2009 setting the conditions for application of Act no. 1362 of 3 August 2009 on the fight against money laundering, terrorist financing and corruption.
These laws enact the principles of the international directives referred to above into Monegasque law, with the aim of combating money laundering and terrorist financing by the following means:
- Applying diligence when onboarding new clients and throughout the business relationship,
- Monitoring transaction flows in line with rules governing embargos, asset freezes and the identification of the originator of fund transfers (FATF recommendation 16),
- Reporting suspicious transactions to SICCFIN and responding to requisitions issued by the Monaco Police Department, in particular under international cooperation agreements signed by the Principality of Monaco and other countries.
A Group-wide Directive sets out the organisation and obligations of the Financial Security business line, which is responsible for managing risks relating to money laundering, terrorist financing, bribery, embargos and asset freezes.
This business line is an integral part of the Group’s compliance control system.
It has set up procedures covering:
- know your customer and their beneficial owners: and more specifically,
- identifying the client and confirming their identity,
- identifying the beneficial owner and taking reasonable measures to verify their identity,
- assessing and, as applicable, collecting information on the purpose and envisaged nature of the business relationship,
- assessing the business relationship on a continuous basis by keeping all documents, data and information up to date..
- the monitoring of transaction flows in line with rules governing embargos (e.g. Fircosoft), asset freezes and the identification of the originator of fund transfers (FATF recommendation 16),
- the reporting of suspicious transactions to the Financial Intelligence Unit,
- training for all relevant members of staff. Crédit Agricole CIB actively contributed to the preparation of the Banking Sector AML-CFT e-learning course under the auspices of the CFPB (a vocational training school for the banking industry) and with the support of the FBF (French Banking Federation),
- verifications that the procedures and measures in place to meet the obligations set out above are duly respected,
- the documentation, archiving and storing of files and the keeping of audit trails.
Crédit Agricole S.A. group has set principles for the sharing of information to help combat money laundering, bribery and terrorist financing.
Each group unit has a Head of Financial Security responsible for implementing the Group’s rules and local obligations. Our commitments are partly set out in the following documents:
Fighting fraud and bribery
Indosuez takes full steps to combat internal and external fraud and bribery. All members of staff must behave in accordance with French anti-bribery laws (Sapin II Act) and the laws applicable in all our countries of operation. We apply a zero-tolerance policy in this area, for example regarding facilitating payments.
FATCA - AEOI
Our contribution to the international exchange of tax information and the fight against tax avoidance. Indosuez fully observes fiscal regulations, in particular:
FATCA (Foreign Account Tax Compliance Act) is a US regulation aimed at combating tax avoidance by US citizens and residents who hold financial assets outside the United States. The US tax authority (the Internal Revenue Service or IRS) has set up a framework to collect information relating to foreign income and assets held by US taxpayers outside the United States from non-US financial institutions on a yearly basis.
The regulation requires financial institutions to apply procedures to identify US Persons. If they fail to do so, they face a 30% withholding tax on all US-source income received on their own account or on behalf of their clients.
To facilitate the implementation of FATCA, a large number of countries, including France, have negotiated intergovernmental agreements with the United States, whereby they undertake to transpose the tax reporting requirements of FATCA into their national laws.
FATCA ID: CEQ4EV.00069
GIIN (Global Intermediary Identification Number): CEQ4EV.00069.ME.492
Date registration validated: 29/04/2014
Effective registration date: 30/06/2014
Information about the Automatic Exchange of Information (AEOI)
In July 2014, the OECD introduced a new standard for the automatic exchange of fiscal information between countries – the Common Reporting Standard (CRS) – in a bid to reduce tax avoidance. Around sixty countries including France undertook to exchange tax information under this new standard from 2017, and thirty others signed up from 2018.
At the same time, on 9 December 2014, the Council of the European Union adopted a revised Directive on administrative cooperation (Directive 2014/107/EU, amending Directive 2011/16/EU). The new Directive, which is based on the OECD standard, extends the scope of the mandatory automatic exchange of tax information between European Union Member States.
The standard requires financial institutions (banks, depositories, life insurance companies, etc.) operating in participating countries to identify fiscal resident account holders in countries with which an information exchange agreement has been signed, and to transmit the associated information (account holder’s contact details, account balances, income, revenues from securities, etc.) to their tax authority each year. The tax authority will pass the information on to the relevant authorities.