AML / CFT in UBI><Banca. Organizational model and management policies

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1 AML / CFT in UBI><Banca Organizational model and management policies Brescia, January 2015

2 AML CFT in UBI Banca - introduction In the UBI Banca Group, the prevention of the risk of money-laundering and financing of terrorism is managed in full compliance with the provisions of the European and Italian Regulations 1 and with the implementing provisions ( Measures ) of Bank of Italy - central bank of the Italian Republic, part of the European system of central banks (ESCB) and of the Eurosystem. In full compliance with the provisions on the matter by the Bank of Italy and also by the United States legislation 2, the Group adopted specific procedures for monitoring the risk in question, assigning to it resources, procedures, clearly identified and adequately specialized organizational functions, and adopted a management model that: Provides for the establishment of a special function responsible for overseeing the efforts of prevention and management of the Risks in question, including the responsibility for reporting suspicious transactions to the Financial Intelligence Unit of the Bank of Italy and for compliance on this matter; Clearly defines, at different levels, roles, duties and responsibilities, and prepares procedures to ensure the observance of the three "fundamental institutions" envisaged on a national scale, namely: o the legal obligation of proper verification of customers with which relations are established or transactions are made (customer due diligence), o the duty to report suspicious transactions to the national FIU, o the legal requirement to register the relations and transactions, and to keep evidences and documents; Provides for the coordination of the control functions, also through appropriate information flows that facilitate the sharing of important information and avoid inconsistencies among information sources available to the company management (at the same time, the Group makes sure that the architecture of the aforesaid functions is consistent with the breakdown of the structure, the complexity, the size of the company, the types of services and products offered as well as the extent of the risk that can be associated to the characteristics of the customer); Invests the employees and external collaborators with responsibility; Monitors compliance by the personnel and collaborators with the internal procedures and all regulatory requirements, with a special attention to active collaboration, proper verification of customers and effective borrower, and ongoing monitoring of customers; Provides for the adequate training of the personnel on the matter. In relation to this last point, we point out that the anti-money laundering function sees to the /60/EC Directive (the so-called Third Anti-Money Laundering Directive ) and 2006/70/EC directive, transposed on a national scale by Italian Legislative Decree 109/2007 and by Italian Legislative Decree 231/ The reference is to the four pillars of the current American regulation: 1. Designation of a BSA Compliance Officer; 2. Development of Internal Policies, Procedures, and Controls; 3. Ongoing and Relevant Training of Personnel; 4. Independent Testing and Review. AML CFT in UBI Banca January

3 training of the persons in charge of anti-money laundering and combating the financing of terrorism, by carrying out: the analysis of training needs, which must consider the provisions of the regulatory environment, the specific nature of the business roles and the previous interventions that involved the persons in charge; the design, development and update of the training contents, with a joint approach at the Group level that must guarantee: o the implementation of the regulatory requirements in force; o the clarity and effectiveness of the method of exposure of the contents; o the correlation between subjects discussed and operations expected by the procedures, with specific reference to case studies (illustration of the behaviors expected and to be avoided); the planning of the provision of training, which must consider the risk level present at each Bank and Company and at each of their organizational unit. The details are divided into the following sections: 1. The organizational model, 2. The regulatory system and the management policies. 1. The organizational model The adopted organizational model envisages a specialized parent company structure called Money-Laundering Risk Control which is responsible for the line, management, control and coordination on the matter. The Anti-Money Laundering Officers of the subsidiary companies that delegated the management to them, including all the Network Banks of the Group, and the Anti-Money Laundering Managers of the other subsidiaries, which established internally specific anti-money laundering functions, report to it functionally. The activities pertaining to the structure are summarized in the annex. The Area manager reports hierarchically to the Chief Risk Officer of the Group, who in turn reports directly to the Managing Director, and for all practical purposes, numbers among the persons in charge of the company's control functions. His/her task is to unify the overall management of the risk of money-laundering and financing of terrorism, also in relation to the specific responsibility for compliance on the matter and his/her appointment and removal fall within the powers of the body with management function in agreement with the strategic supervision body, after hearing the body with control functions. According to the regulations in force, the Manager must have adequate requirements of independence, authority and professionalism and, in consideration of the importance of the assigned tasks, procedures for protecting his/her stability and independence are defined in the internal regulations. Moreover, he/she must not be directly responsible in operational areas and must not be hierarchically dependent on subjects of these areas: his/her role and his/her responsibilities are adequately AML CFT in UBI Banca January

4 formalized and made public within the group. The adopted model envisages a structure entrusted, at Group level, with anti-money laundering operations and combating the financing of terrorism, which makes continuously sure that the operating procedures and the information systems are able to guarantee compliance with the laws and regulations laid down on the matter. In the subsidiaries, in consideration of the peculiarities of the different Companies, there are two possible organizational configurations of the anti-money laundering function: Companies that have outsourced to the Parent company the anti-money laundering function, appoint the Anti-Money Laundering Officer who, working in close coordination with the structure of the Parent company, must monitor the processes related to the regulations, making use, if present, of the support of its own structure of reference; Companies that have not outsourced to the Parent company the anti-money laundering function, identify a specific Anti-Money Laundering function, with the task of identifying and implementing appropriate procedures for Risk management, and appoint the related Manager who, working in compliance with the guidelines received by the Parent company, must verify the functionality of the procedures, structures and systems, and provide support and advice on the choices concerning the management of the risk itself. The Parent Company Function Manager acts as Anti-Money Laundering Manager for UBI and for the Companies that outsourced the function, whereas in other Companies the responsibility is assigned to the Manager of the specific specialized function. He/She is also the person in charge of the Legal Representative of each subsidiary for the assessment and the submission of reports of suspicious transactions to the national FIU. 2. The regulatory system and the management policies The internal regulations in force on the prevention of the risk of money-laundering and financing of terrorism are broken down in three hierarchically connected levels: 1. Strategic guidelines and Management policies of risks related to money laundering and financing of terrorism, 2. Group Organizational Regulations on anti-money laundering and combating the financing of terrorism, 3. Anti-Money Laundering Regulatory Book. The current regulations of UBI Banca were revised and updated between October and December 2014 and supplemented by subsequent circulars targeted on specific operational aspects (regulatory updates): they are published and available on line for all the Personnel on the Regulatory Portal, which is accessible via the company's intranet, and its contents were the subject matter of the training for all the personnel. AML CFT in UBI Banca January

5 The Strategic guidelines, prepared in compliance with the Principles for setting up the system of internal controls and with the Management policies of the non-compliance risk adopted by the Group, guide the management of the risk on the matter in the Parent Company and in the subsidiaries, and define the principles of reference, the management guidelines and the characteristics of the organizational model to be adopted. The system requirement is that effective organizational and governance structures are essential for preventing and mitigating business risk factors. The document defines the Risk management guidelines, for the observance of the three "fundamental institutions" mentioned in the introduction (Proper verification, Recording and Storing, Reporting of suspicious transactions), as well as obligations related to limits to the use of cash and bearer securities, compliance monitoring (for assessing the adequacy of systems, procedures and products) and personnel training. It defines the contents of the agreements for the possible outsourcing of activities (if authorized by the regulations) and the required supervisions on the distribution network and intermediaries if the company's products are offered outside the premises of the Company. The characteristics and the structure of the organizational model to be adopted for risk management are also documented, including the definition of roles and duties of the different corporate players, together with the characteristics that the required information flows and relations must have. The Persons in charge of the Operating Points - responsible for the administration and practical management of relations with customers - must be noted among the different business roles for which the liabilities are directed. They must receive the operating instructions on the matter and, as part of their own activity, they have the role of first-level assessor in relation to the process of reporting suspicious transactions to the national FIU. Based on the evidence available to the customers, they carry out the total assessment of the risk assigned to the customer and any reporting of suspicious transaction, which they send to the specialized structure of the parent company for completion. The characteristics of the adopted organizational model are developed by the Organizational Regulations, which describes the model adopted by the Group by stating the main roles and responsibilities assigned to the subjects involved in anti-money laundering activities and in combating the financing of terrorism. Moreover, the document represents the main processes concerning risk prevention and management, also with reference to compliance verification, describes the main relations and information flows among the Group structures involved and the expected internal reporting system. In relation to reporting, for each expected flow, the document states the contents, the structure in charge of preparation, the recipients, the frequency, as well as the reference standards if any that provide for its preparation. The Regulatory Book intended for all the Personnel, shows the provisions defined by the Group for the application of the rules on the matter as part of the institutional activity, by summarizing in a single document the company regulations issued on the subject and the instructions to follow when carrying out the operations. To this end, it is updated on a regular basis in accordance with the circulars (regulatory provisions) published in connection with new AML CFT in UBI Banca January

6 regulations or updates to the related operating methods. The Book is divided into six sections with regulatory and operating instructions for carrying out the regulations, structured as follows: 1. Regulatory framework of reference, containing the general organization of the regulation; 2. Legal obligation of proper verification of Customers:; 3. Limits to the use of cash and bearer securities; 4. Legal requirement to keep and register the operations; 5. Reporting requirements of suspicious transactions; 6. Anti-money laundering portal, containing the operating provisions for controlling evidences that need special attention It should be noted that the sixth section refers to a monitoring tool developed by the Group for controlling evidences on the matter that require special attention in relation to the importance of the operations of reference or because of the approaching deadline within which the interventions contemplated by the internal regulations must be carried out, and that directs and supports the control activities pertaining to the Personnel of the network structures. All the Personnel is obliged to strictly comply with the provisions established by the book and by the circulars that update its contents, being aware that any failure to comply with them within their work can lead to the application of criminal and administrative sanctions established by Law. The evidences arising from the management of anti-money laundering are reported on a quarterly basis to the managing and control bodies as well as to the body for the strategic line of the Group, with specific relations. AML CFT in UBI Banca January

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