Bank of Valletta is committed to high standards of ethical behaviour and has zero tolerance towards bribery and corruption. A dedicated Anti-Bribery and Corruption function is set up within the Anti-Financial Crime Department to support the business and stakeholders, the economy, and society, in general, to mitigate bribery and corruption risks through the Groups’ Anti-Bribery and Corruption Policy and Procedures.
Such policy and procedure require that any activity shall not induce or be perceived as improper action to obtain or retain a business advantage. In addition, the main elements of the Anti-Bribery and Corruption policy and procedures within Bank of Valletta require that all activities must be conducted without the intent to bribe or corrupt, and must be reasonable, transparent, and appropriate.
The Bank requires that all employees, including the Board of Directors and business associates, comply with the principles in the policy, in the performance of their duties for or on behalf of the Bank. The policy requires all Bank entities and individuals to apply controls in order to protect against bribery and corruption risks, particularly within activities such as the receiving and offering of gifts and hospitality, hiring, third-party management, speaker events, sponsorships, donations, charitable giving, joint ventures, mergers, and acquisitions. Specific procedures, systems, and controls to manage bribery and corruption risks covering these activities have been outlined within the bank’s procedures. Monthly controls are in place to review such activities and escalate any issues as part of the governance committees' reporting.