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PRAVEX BANK constantly improves its work to maintain transparent and honest cooperation with clients, shareholders, employees, and the public. The bank has implemented an effective corporate management system, which is built on the principles of sustainability and openness.<\/p>\n
Russia’s military aggression and martial law in Ukraine led to numerous legislative changes. The focus of the legislator\u2019s and the National Bank\u2019s decisions shifted to adapting the regulatory framework to the realities of war.<\/p>\n
The regulator’s increased attention to strict compliance with anti-money laundering and terrorist financing legislation strengthens existing compliance practices and ensures dynamic development and improvement of the Bank’s programs. Already on the first day of the full-scale invasion, the National Bank, to ensure the reliable and stable functioning of the country’s financial system, approved Resolution No. 18, “On the operation of the banking system during the introduction of martial law”, which was subsequently amended more than 30 times.<\/p>\n
\u201cCompliance risk management has become a core skill every bank must have in today’s highly regulated industry. A powerful independent compliance function reduces the risks associated with legal or regulatory sanctions, financial losses, or loss of reputation, which the bank may experience because of its non-compliance with relevant laws, rules, and standards,”<\/em> said Olena Pokhodziaieva, Head of Compliance and AML Department of PRAVEX BANK.<\/strong><\/p>\n Control over compliance with consumer rights, implementation of internal rules and procedures, and training Bank employees to ensure compliance with the principles of ethical business conduct are among the tasks of the compliance function at PRAVEX BANK. In 2022, the Bank’s compliance function developed and conducted six pieces of training for employees to improve the compliance culture. After all, the principles of business ethics are effective if they are applied by employees of all levels in their daily activities.<\/p>\n PRAVEX BANK adheres to the principle of zero tolerance for corruption, so special attention is paid to upgrade the internal system for countering corruption violations. The Bank regularly assesses corruption risks during interaction with counterparties, keeps business gifts and hospitality records, and monitors potential conflicts of interest.<\/p>\n A landmark event in 2021 was the signing by PRAVEX BANK the Memorandum of the UN Global Compact on joint anti-corruption actions in Ukraine. Ethical and honest business conduct is an unshakable position of PRAVEX BANK, so together with other signatories, we have declared our intentions to work on preventing and overcoming corruption in Ukraine.<\/p>\n <\/p>","protected":false},"excerpt":{"rendered":" PRAVEX BANK constantly improves its work to maintain transparent and honest cooperation with clients, shareholders, employees, and the public. The bank has implemented an effective corporate management system, which is built on the principles of sustainability and openness. Russia’s military aggression and martial law in Ukraine led to numerous legislative changes. The focus of the […]<\/p>\n","protected":false},"author":4489,"featured_media":471729,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false},"categories":[24,23],"tags":[],"yoast_head":"\n