Compliance with the law, with our Code of Conduct and with our internal policies is very important to us.
For this purpose, the Company has established a Compliance & Regulatory Affairs Unit, which, as the second line of defense of the Internal Control System, is responsible for ensuring the Company’s compliance with the legal and regulatory framework in force governing its business activities and operations. In particular, the Unit is responsible for ensuring the Company’s compliance with the AML/CFT legislation, for the adoption of Policies and Procedures and for the promotion of a compliance culture as an integral part of our corporate identity.
In that context, the Company has adopted and implements the OTE Group Compliance Management System (CMS), which includes prevention, detection and response measures aimed at complying with the regulatory framework, preventing fraud, AML/CFT and other offenses that could lead to legal or regulatory violations, financial losses and damage to the Company’s reputation. To effectively exercise its role, the Compliance Unit is administratively independent from the other business units of the Company and the Head of Compliance reports to the Board of Directors, ensuring independence in decision-making and avoiding conflicts of interest.
Key Elements of the Compliance Management System (CMS)
- Monitoring the current legal and regulatory framework and providing guidance to Management on compliance & AML/CFT issues.
- Developing, adopting and reviewing Codes of Conduct, Policies and Procedures and ensuring their effective implementation.
- Conducting training programs and awareness campaigns on compliance & AML/CFT issues targeted at personnel and Management.
- Establishing reporting channels for violations of corporate policies, procedures and applicable legislation; investigating reported cases and monitoring the implementation of corrective measures.
- Providing guidance with respect to the design of new Company’s products and processes in order to integrate the appropriate control mechanisms as well as to ensure compliance of the products/services with applicable rules.