风险管理与合规【-】

1、Risk Management and Regulatory Compliance风险管理与合规Asia Pacific Finance and Development Center亚太财经与发展中心 World Bank Institute世界银行学院Alex VanderpolJune 19, 2008Compliance advises on compliance risk 合规对合规风险提出建议Compliance risk is the risk of:legal or regulatory sanctions,material financial loss, orharm to r

2、eputationthat a bank may suffer as a result of its failure to comply withrelevant laws, regulations, principles and rules, standards and codesof conduct applicable to its activities, in letter and in spirit.合规风险是指，由于未遵照适用于公司活动的相关法律、法规、原则、法则、行为规范与准则，公司可能会遭受法律或法规的制裁，物质上的财务损失，或者使声誉受损的风险。 Provide adviso

3、ry and objective support 提供咨询和客观支持Align with the business and help provide independent view and advice on the execution of strategy and on case-specific issues 根据公司业务，提供有关战略执行和具体案例方面的独立观点和建议Understand strategy and business and apply this understanding in its risk-based approach to ensure that propor

4、tionate measures are taken to compliance issues and risk 理解公司战略和业务，并将这一理解应用于基于风险的方法，以此确保对合规问题和合规风险已采取了适当的措施Implement business specific laws and regulations 实施与业务相关的法律法规Provide guidance and support on issues related to laws and regulations 对与法律法规相关的问题提供指导与支持Monitor the execution of initiatives and en

5、sure all activities are compliant with relevant policies and procedures 监控倡议的执行情况，确保所有活动都遵照相关政策和程序Assist management in managing risk to the business 协助管理层管理业务风险Assist Management in identifying, measuring and mitigating compliance related risk 协助管理层发现、测量并减少合规风险Partner with the business in monitoring

6、level of risks to help achieve successful implementation of strategic initiatives 和业务一起监控风险水平，帮助公司成功实施战略倡议Compliance provides a central role in monitoring delivery and minimising risk合规在监控公司行为和使风险最小化上扮演着重要作用Business is firstly responsible业务部应负首要责任Compliance is intended for support 合规意在为公司运营提供支持Who i

7、s responsible for Compliance谁该负责合规工作？Key Compliance Areas:关键的合规领域：III. Market Conduct 市场行为 I. Client Acceptance and Anti-Money Laundering Policy 客户接受度与反洗钱政策(CAAML) II. Dealing with Customers 与客户打交道 Client Acceptance and Anti-Money Laundering 客户接受度与反洗钱 Sanctions 制裁 Conflicts of Interest 利益冲突 Chinese

8、Walls 中国墙 Market Abuse 市场滥用IV. Other Compliance topics 其他合规话题 Personal Account Dealing Policy 个人账户处理政策 Gift Policy/ Bribery and Corruption 送礼政策/贿赂与腐败 Whistleblowing 揭发 When you need to Notify Compliance 何时需注意合规Confidentiality 机密性Communication & Marketing 沟通与营销 Client Classification 客户分类Suitability 适

9、宜Appropriateness 得当Record keeping 档案保管I. Client Acceptance and Anti-Money Laundering (CAAML) Policy 客户接受度与反洗钱政策KYC Know Your Customer 了解你的客户Client Acceptance/Due Diligence 客户接受度/尽职调查Money Laundering & Terrorist Financing 洗钱与恐怖份子筹资活动Sanction 制裁IdentificationVerificationRisk AssessmentTransaction Surv

10、eillanceRisk Re-assessmentReview RelationshipAML RISK 反洗钱风险Geography 地域Industry 行业Product 产品Client life Cycle客户的生命周期Exit?退出？231Initial RiskAssessment:Client AcceptanceAnd Know Your Customer初始风险评估：客户接受度，了解你的客户Ongoing Risk Assessment:进行中的风险评估：Anti-Money Laundering CAAML/Sanctions反洗钱/制裁PeriodicalRisk R

11、e-assessment(or change in client profile / incidental)定期风险再评估（或客户情况/附带事件的变化）交易监测风险评估核实识别风险再评估关系考察Know Your Customer:了解你的客户：Customer Identification allows the bank to have confidence in the integrity of the persons with whom they transact business客户鉴别使得银行能相信与他们进行交易的人的诚信度Requires employees to obtain i

12、nformation identifying their customers 要求员工获取鉴别客户的信息Requires employees to verify that customers are who they say they are 要求员工核实客户资料的可靠度These responsibilities continue throughout the life of our relationship with a customer and apply to every transaction这些职责贯穿于我们与客户打交道的整个过程，适用于每次交易Money Laundering &

13、 Terrorist Financing洗钱及恐怖分子筹资活动“Money Laundering” is the introduction of illegally gained assets into the legal financial system with the aim of concealing or disguising their true origin. “洗钱”是将非法获得的资产融入合法的金融体系中，目的在于隐瞒或者掩饰它们的真实来源。Money Laundering generally takes place in 3 steps:洗钱活动一般分三步进行：Placeme

14、nt 放置“the introduction of illegally gained assets into the legal financial system with the aim of concealing or disguising their true origin.” 将非法获得的资产融入合法的金融体系中，目的在于隐瞒或者掩饰它们的真实来源Layering 移转“the source of the illegally obtained funds is obscured through a succession of transfers and transactions to

15、give them appearance of legitimacy” 通过连续转移和交易将非法获得的资金的来源模糊化，使它们看起来合法Integration 整合“In order that those same funds can eventually be made to re-appear as legitimate income.” 使这些资金最终以合法收入的身份再次出现Examples of other sources for Money Laundering & Terrorist Financing洗钱及恐怖分子筹资的其他来源举例 Drugs 毒品 Prostitution 卖

16、淫 Illegal Workers (Human trafficking) 非法劳工（贩卖人口） Fraud 欺骗 Theft 偷窃 Smuggling goods and/or arms 走私商品/武器 Tax Fraud 税务行骗 Counterfeiting Currency 伪钞 Kidnapping 绑架 Extortion 敲诈勒索 Illegal Gambling 非法赌博 Environmental Crimes 环境犯罪Sanctions 制裁Two major financial markets, the EU and the US, apply economic sanc

17、tions in certain cases against particular countries to support their foreign policy objectives. 在某些情况下，欧盟和美国两大金融市场对特定国家实施经济制裁来支持其外交政策Violating EU or US sanction laws can put a banks customers at risk of incomplete transactions, frozen assets or criminal and civil penalties and expose our bank / empl

18、oyees to liability.违反欧盟或美国的制裁法会将一家银行的客户置于不完全交易、冻结资产或者刑事和民事处罚的风险之中，使银行/雇员承受债务Particular vigilance is needed when a transaction contains a so called CSI (Cuban Sudanese or Iranian) element.当一个交易牵涉所谓的CSI（古巴、苏丹或伊朗）时，需要特别警惕Vigilance is also needed when dealing with Myanmar. 和缅甸打交道时也要非常注意Transaction Surve

19、illance 交易监控Transaction filtering交易过滤Filter pre-transaction cross-border activity to comply with OFAC, EU and other Sanctions (immediate action to prevent transactions from being processed)滤除交易前的跨国活动以遵守外国资产管制处、欧盟及其他制裁（防止交易被处理的立即行动）Transaction monitoring交易监测Monitor post-transaction activity to detect

20、 unusual behaviour which requires further analysis (observation and investigation after transactions happen); more subjective监测交易后的活动以发现需要进一步分析的异常行为（交易发生后的观察与调查）；更主观II. Dealing with Customers与客户打交道 Confidentiality 机密性 Client Classification 客户分类 Suitability of Advice 建议的适宜性 Appropriateness 适当 Marketi

21、ng Communication 营销沟通 Record Keeping 档案保管Confidentiality 机密性What information is confidential?哪些信息是机密的？All information related to a bank that has not been made public (including internal memos, policies, credit applications, employee and supplier data) 所有与银行相关的未公开的信息（包括内部备忘录、政策、员工及供应商资料）All non-publi

22、c information about existing and prospective clients 所有有关现有和潜在客户的非公开信息 Confidentiality and common sense机密性与常识Be careful with confidential documents in public places (same applies to laptops)公共场合注意机密文档的处理（同样适用于笔记本电脑）Be careful with conversations while in the presence of others (also on mobile phones)

23、有他人在场时（ 接听 时）注意谈话内容的保密Clear your desk at the end of your working day of any sensitive documents工作日结束时注意清理桌面上的任何机密文档Never share your user-id and password with others不要和他人共用你的用户名和密码MiFID: Markets in Financial Instruments Directive:Stringent NEW rules imposed on all Financial Institutions dealing with

24、Customers and Markets in all EEA countries (EU + Norway, Liechtenstein and Iceland)MiFID: 金融工具市场法规： -对所有EEA国家（欧盟+挪威、列支敦士登、冰岛）中与客户和市场打交道的金融机构施加的严格的新规则BIG BANG! 大爆炸！November 2007 2007年11月 MiFID MiFIDMiFID highest impact areas for ABN AMRO MiFID对荷兰银行施加的最高影响领域Client Classification: Determines the client

25、s level of investment protection.客户分类：决定投资保护的客户水平Best Execution: Getting the client the best result which could be a combination of price/cost/speed of execution, etc最佳执行：为客户获得最佳结果，可能是价格、成本、执行速度等的组合Marketing and Communication: Must be clear, fair and not misleading.营销与沟通：必须清楚、公正、不具误导性Appropriateness

26、: (Non advised Services) Making sure (by carefully recording) that the client understands the products and the related risks适当性：（非咨询的服务）（通过仔细记录）确保客户明白产品及相关风险Suitability: Advise the client what suits the clients best interests given their:适宜性：向客户建议什么是最适合他们的最佳利益的，依据：Investment purpose 投资目的Assets 资产Inc

27、ome 收入Risk appetite 风险喜好 MiFID Classification: What types of clients do we deal with? And why is it important to classify them? MiFID分类：我们与哪些类型的客户打交道？为什么客户分类很重要Size and experience规模和经验Level of Protection 保护水平Large Companies大公司Small Companies小公司Regulated Firms规管公司Individuals个人Retail零售Professional专业El

28、igible counterparty符合条件的对手Terminology 术语Suitability适宜度Appropriateness合适度Non Advised Services非咨询服务AdvisoryServices咨询服务Does each transaction meet the clients objectives and risk profile?每次交易都达到了客户的目标和风险概况了吗？Does the client understand the risks of the products being sold?客户明白出售的产品的风险吗？Appropriateness I

29、nformation required合适度 信息必须的Appropriateness合适度Non Advised Services非咨询服务Suitability 适宜度AdvisoryDiscretionary咨询酌情考虑Owed to Professional and Retail clients 归功于专业和零售客户Assess: 评估：Knowledge and experience 知识与经验Can be assumed for professional clients but only in relation to those products/services or trans

30、actions for which we have classified them as professionals (unless you understand the risks). 可以推测专业客户的知识与经验，但是仅在有关产品/服务或者交易的方面What if it is not appropriate and the client insists?如果不合适而客户却坚持己见，怎么办？Can you deal? 这个交易你能做吗？Yes, so long as written warning is provided可以，只要有书面警告Suitability 适宜度What is adv

31、ice? 咨询建议是指？Personal recommendation that is advice on investments (e.g. buy/sell/hold)对投资的个人建议（如购买、抛售、持有）Presented as suitable for the person; or 适合于个人的，或者Based on a consideration of the circumstances of the person 基于对个人请况的综合考虑的Where the client can reasonably assume it is a recommendation 客户能将之当作建议的

32、Suitability 适宜度AdvisoryDiscretionary咨询酌情考虑Owed to all advisory clients 归功于所有咨询客户Appropriateness合适度Non Advised Services非咨询服务Suitability of Advice 建议的适宜度A bank may only give: 银行可能会给出：- investment advice to a client or 投资建议，或者- effect a discretionary investment transaction 影响任意的投资交易when this is “suitab

33、le” given the clients needs and personal circumstances.只在这些建议适合客户的需求和个人情况时Suitability must be assessed based on: 适宜度需根据以下条件来评估： the information disclosed by the client, and/or 客户透露的信息，和/或 client information the bank reasonably should have been aware of. 银行应该注意到的客户信息In case of non advice for a client

34、, no suitability check needs to take place.如果对客户没有做出任何建议，不需检查其适宜度Suitability of Advice: Information from/to client建议的适宜性：来自/给予客户的信息Before the bank gives investment advice it must collect and retain sufficientinformation from the client on: 在银行给出投资建议前，必须从客户那里收集并保留足够的如下方面的信息：- his / its investment exp

35、erience and knowledge of products and risks attached 投资经验和对产品及其风险的了解水平- the investment objectives 投资目标- the financial situation and personal circumstances 经济状况和个人情况- the clients risk appetite 客户的风险喜好Also the client must be able to take an informed decision and therefore must be givensufficient infor

36、mation on: 客户还需能够做出明达的决定，因此，必须给其足够的如下方面的信息：- product characteristics including risk profile, pricing and costs 产品特征，包括风险概况、定价和成本All information provided must be fair, clear and not misleading.提供的所有信息需公正、明晰、不具误导性Is this advice? 这是建议吗？We have a number of market protection structured products. These ca

37、n give the upside potential without the downside risk. Shall I send some term sheets through?我们有一些保护收益的结构性理财产品。他们都具有成长潜力，没有下跌风险。给您一些资料单行吗？Non advice非建议Advice建议In view of your current portfolio and risk appetite, I think the most appropriate investment would be one of our market protection structured

38、 products. These can give the upside potential without the downside risk. In terms of your current allocations I reckon that 50-60m would effect the shift in frontier that you want.鉴于您目前的投资组合和您的风险喜好，我认为最适合的投资是我们的保护收益的结构性产品。他们能保持成长潜力，而没有下跌风险。您目前的配置方面，我想5000-6000万会得到您想要的最佳收益。Non advice非建议Advice建议I rem

39、ember our chat about airlines, a couple of weeks ago and the upside following the slide in oil. We think Blue Sky Airlines now have the right strategy in place and you should give them a go.我记得几周前我们聊过航空公司，在石油股下跌后会有哪些上升行情。我们觉得Blue Sky航空公司实施的战略非常到位，您应该试一试这只股票Non advice非建议Advice建议Keep records where adv

40、ice is given给出建议时请做好记录The clients financial objectives must be recorded 必须记录客户的理财目标The advice must be recorded 必须记录给出的建议The reasons why you consider the advice meets the clients financial objective must be recorded 必须记录你为什么认为该建议满足客户的理财目标Suitability适宜度Non Advised Services非咨询服务AdvisoryPortfolio Manage

41、ment 咨询服务：投资组合管理Appropriateness合适度III. Market Conduct 市场行为Conflicts of Interest 利益冲突Chinese Walls 中国墙Control Room 控制室Market Abuse 市场滥用Conflicts of Interest 利益冲突For example:例如： personal / bank interest 个人利益/银行利益 bank interests / clients interest 银行利益/客户利益- between clients 客户之间的利益 Manage conflicts of

42、interest properly 妥善管理利益冲突 Be transparent and report internally 透明化，内部汇报 Reallocate responsibilities 重新分配职责 Inform client/ask consent if appropriate 如果适当，告知客户/征得客户的同意Chinese Walls 中国墙What are Chinese Walls? 什么是中国墙？Barriers created to restrict or prevent movement of information within the bank, to he

43、lp manage conflicts of interest and protect the confidentiality of client information.为限制或防止信息在银行内流通而制造的障碍，帮助管理利益冲突，保护客户信息的机密性What do they look like? 特征？ physical 物理上 organisational 组织上 procedural 程序上 operational 操作上Chinese Walls Private vs. Public side (Continued) 中国墙：私人方面VS.公共方面（续）CommercialClient

44、s商业客户Global Clients全球客户Global Markets Structured Finance全球市场结构性金融Transaction Banking交易Chinese WallGlobal Markets Sales/Trading全球市场销售/交易Global Markets Research全球市场研究Private Side 私人方面Public Side 公共方面Information Barrier信息障碍Chinese Walls(Continued)中国墙（续）In addition, Chinese Walls allow: 此外，中国墙允许： some d

45、efence against allegations of misconduct 为不良行为辩护 maximisation of business opportunities across product lines by allowing us to perform many different roles at the same time 通过允许我们同时负责多种不同的职责来使各个产品线间的商业机会最大化Examples: 举例: Corporate Finance advises listed company on divestment of subsidiary 公司金融部对上市公司分

46、拆子公司提供建议 Acquisition Finance advises three different bidders收购金融部建议有三个不同的投标人 Credit Portfolio Management assesses debt capacity for fourth bidder信贷组合管理部评估第四个投标人的债务能力 Proprietary Trading in trading in the stocks of the listed company专有交易部对上市公司股票交易提供建议 Private Clients in providing investment advice on

47、 the listed company 私人客户部提供上市公司的投资建议Control Rooms 控制室A Control Rooms main functions: 控制室的主要功能：Maintaining global marketing and watch lists维持全球营销和观察清单Maintaining global restricted trading lists维持全球限制交易清单Identifying potential conflicts of interest识别潜在的利益冲突Clearing/recording Chinese Wall crossings and

48、registering Insiders理清/记录中国墙间的交叉，登记内部知情人Pre-clearance of equity and fixed-income research提前弄清楚股权和固定收益研究Pre-clearance of certain transactions 预先清除某些交易Market Abuse: Market Manipulation市场滥用：市场操纵Spreading false or misleading information about the market, or the price or value of an investmentE.g. spread

49、ing a rumour and false or misleading news through internet 散布错误的或者误导性的有关市场、投资价格或价值的信息 例如：通过英特网散布谣言或虚假新闻Acting purely to influence the price of financial instrumentsE.g. manipulating the price at the closing of markets manipulating the price upward to show a higher portfolio value (usually around mon

50、th-, quarter-, or year-end) 纯粹为影响金融工具的价格的行为 例如：操纵股市收盘价 操纵价格的上升，显示更高的投资组合价值（一般在月末、季度末或年末时）Doing transactions that create the impression of greater supply and/or demand than exists in reality E.g. doing trades with no economic basis, undertaken simply to give the illusion of activity (manipulation of

51、volume)做交易以制造比实际更大的供给和/或需求的印象例如：做没有经济基础的股票买卖，仅仅是为了给予活动频繁的假象（操纵交易量）Market Abuse: Insider dealing市场滥用：内幕交易Inside information is information that is: 内幕信息是指： Precise (about an event or circumstances that have occurred or can reasonably be expected to occur)准确（关于已发生的，或者预计很可能发生的事件或情况的准确信息） Not generally

52、available / Not obtainable by analysis or research通常无法获得/不能通过分析或研究获得 If it were made public, it would probably affect the price or value of the company / industry sector involved如果公之于众，很可能会影响有关公司/行业的价格或价值It includes information which could relate to:它包括有关以下几方面的信息： Issuers of financial instruments 金融

53、工具的发行者 Transferable securities 可转让证券 Commodities or 商品或者 Client Orders 客户订单 Market Abuse: Insider dealing (Continued)市场滥用：内幕交易 （续）Anyone in the possession of inside information may not:任何拥有内部信息的人不可以：Must not improperly pass the inside information on to someone else不能将内部信息不当地传达给他人Buy or sell financia

54、l instruments of issuers for your own or a banks economic advantage为自己或者银行的经济利益购买或销售发行人的金融工具Recommend or induce another person to do either of the above建议或者劝诱他人做以上任一件事情Other Compliance topics其它合规问题 Personal Account Dealing Policy个人账户交易政策 Gift Policy 礼品政策 Bribery and Corruption 贿赂与腐败 Whistleblowing 检

55、举揭发 Personal Account Dealing Policy个人账户交易政策Why?原因? Buying or selling securities while in the possession of confidential price sensitive information (inside information) is a criminal offence in most jurisdictions.在很多辖区, 在掌握机密的价格信息(内部信息)的情况下买卖证券构成犯罪行为。Taking advantage of information that an employee

56、gets in the performance of his or her duties in a bank for personal gain is unacceptable. 银行员工利用职务之便获取私利是违法行为。The appearance of insider trading must also be avoided. 必须避免内幕交易的现象。Disclosure and transparency信息披露和透明度 All securities accounts of staff and their connected parties must be disclosed. 所有员工及关

57、联方的证券账户信息必须披露。 A bank must be able to monitor transactions against submitted requests for approval. 银行必须能够按照提交的审批需求对交易进行监督。Pre-Approval, Minimum Holding Period, Restricted Trading Lists事先批准，最短持有期，限制交易名单Staff Members and connected parties must ask pre-approval from theirline-manager and / or Complian

58、ce departments.员工及其关联方必须得到直线经理/合规部门的事先批准。Transactions may only be reversed after 28 days have elapsed (28 day holding period).超过28天方可进行回购。（28天持有期）Mutual funds are not bound to the 28 day holding period but intraday trading (24 hours) is never permitted共同基金不受28天持有期的限制，但严禁日间（24小时）交易。There can be tradi

59、ng done in securities on restricted trading lists 列入限制交易名单里的证券交易也可以进行。Acceptance of gifts 礼品接受Gifts or legacies must not be accepted fromcustomers or suppliers.禁止收取客户或供应商赠送的礼品或遗赠品。Excessive or abnormal entertainment must also be viewed in this light.禁止超常或非正常招待活动。If a gift can not be refused or retur

60、ned, it may beaccepted provided that it is: 如果礼品无法拒收或退还，在下列情况下可以接收：not in the form of cash非现金形式not given in the expectation of a payback 无获取回报的目的of nominal value only仅有票面价值Gift Policy 礼品政策Presentation of gifts 礼品赠送Gifts to customers, suppliers, government officialsor intermediaries must not be prese