Compliance - Regulations
Rules of Compliance
In its capacity as a European commercial bank, WestLB provides financial services and products to customers based in many different countries and jurisdictions. As a result, our operations are subject to a wide variety of legal and supervisory regulations. All WestLB employees are bound to comply with the entirety of these provisions and regulations in particular with regard to securities dealings and investments as well as in terms of anti money-laundering regulations and provisions regarding the financing of terrorist activities.
To this end, we have drafted a unified code of conduct and implemented a set of Group-wide compliance regulations that are valid for all employees. These unified standards are complemented by local provisions reflecting the regulatory requirements imposed by the countries and jurisdictions where WestLB does business.
WestLB’s Group Compliance unit is represented at all major national and international WestLB branches and offices. Its remit is to advise, train and support all employees involved in rendering relevant services with a view to preventing violations of applicable laws and regulations, thereby precluding the risk of WestLB incurring sanctions and reputational losses. The activities of Group Compliance are also designed to help ensure that all WestLB customers and all other market participants are treated fairly and free from conflicts of interest without compromising the Bank’s legitimate commercial interests and objectives.
Having recognised the importance of, and its responsibility for, full compliance with all relevant rules and codes, WestLB has demonstrated its commitment to compliance by setting up a self-contained Group Compliance unit that reports directly to the Chairman of the Managing Board.