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The Bank follows the requirements of the Markets in Financial Instruments Directive (MiFID Directive) whose purpose is to provide investment protection to clients and to enhance competitiveness between investment firms.
According to the requirements of the MiFID Directive, the Bank is obligated to convey information to clients aligned to their knowledge and experience in investing in financial instruments and products.
The Bank is also obligated to act in the client's best interests and to provide the client with information containing a product description and a statement of the risks associated with various financial instruments and products.
For the purpose of effective risk management Bank Millennium pursues Compliance Policy.
It consists in current monitoring of compliance and adapting internal regulations and operating rules to relevant legal regulations, customs adopted on the market, international principles, sector norms, market best practices as well as ethical standards.
The Bank, based on valid legal regulations and market best practice, implements an institutional programme of anti- money laundering (AML) and financing terrorism.
In this respect the Bank cooperates with specialised government agencies, continues to improve its own procedures and delivers appropriate training to its Employees.
Internal Auditing is focused on assessing quality, relevance and safety of banking activities. Auditing is done according to an annual plan, prepared on the basis of an up-to-date register of risks connected with the company's activity.
The annual Audit Plan, approved by the Audit Committee of the Bank's Supervisory Board, is carried out quarter-by-quarter by experienced and highly skilled professionals.
Reviewing and examining semi-annual and annual financial reports is done by an External Auditor cooperating with the Bank.
The Bank has a structured and comprehensive approach to management of risk.
A list has been prepared of key risks connected with the company's activity. The list of risks together with the approach to management of each of them has been approved by the Bank's Management Board.
Maintaining business continuity requires defining contingency plans.
Bank Millennium every year verifies criticality of individual business processes.
Also business continuity plans are analysed as well as the crisis management model, rules concerning internal and external communication and the procedure plus feasibility of operating in back-up locations.
More information: "Corporate Responsibility" report