1、Risk Management and Regulatory Compliance风险管理与合规风险管理与合规Asia Pacific Finance and Development Center亚太财经与发展中心亚太财经与发展中心 World Bank Institute世界银行学院世界银行学院Alex VanderpolJune 19,2008Compliance advises on compliance risk 合规对合规风险提出建议合规对合规风险提出建议Compliance risk is the risk of:-legal or regulatory sanctions,-ma
2、terial financial loss,or-harm to reputationthat 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
3、务损失，或者使声誉受损的风险。Provide advisory and objective support 提供咨提供咨询和客观支持询和客观支持 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 r
4、isk-based approach to ensure that proportionate 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 实施与业务实施与业务相关的法律法规相关的法律法规 Provide guidance and support on issues related to laws and regulations 对与法律法规相关
5、的问题提供指导与支持 Monitor the execution of initiatives and ensure 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 协助管理层管协助管理层管理业务风险理业务风险 Assist Management in identifying,measuring and mitigating compliance relat
6、ed risk 协助管理层发现、测量并减少合规风险 Partner with the business in monitoring 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合规在监控公司行为和使风险最小化上扮演着重要作用 Bu
7、siness 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 is responsible for Compliance谁该负责合规工作？谁该负责合规工作？Key Compliance Areas:关键的合规领域：关键的合规领域：III.Market Conduct 市场行为市场行为 I.Client Acceptance and Anti-Money Laundering Policy 客户接受度与反洗钱政客户接受度与反洗钱政策策(CAAML)II.Dealing with
8、 Customers 与客户打交道与客户打交道 Client Acceptance and Anti-Money Laundering 客户接受度与反洗钱客户接受度与反洗钱 Sanctions 制裁制裁 Conflicts of Interest 利益冲突利益冲突 Chinese Walls 中国墙中国墙 Market Abuse 市场滥用市场滥用IV.Other Compliance topics 其他合规话题其他合规话题 Personal Account Dealing Policy 个人账户处理政策个人账户处理政策 Gift Policy/Bribery and Corruption 送
9、礼政策送礼政策/贿赂与腐败贿赂与腐败 Whistleblowing 揭发揭发 When you need to Notify Compliance 何时需注意合规何时需注意合规Confidentiality 机密性机密性Communication&Marketing 沟通与营销沟通与营销 Client Classification 客户分类客户分类Suitability 适宜适宜Appropriateness 得当得当Record keeping 档案保管档案保管I.Client Acceptance and Anti-Money Laundering(CAAML)Policy 客户接受度与反
10、洗钱政策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AML RISK 反洗钱风险反洗钱风险 Geography 地域地域 Industry 行业行业 Product 产品产品Client life Cycle客户的生命周期客户的生命周期Exit?退出？退出？2 23 31 1Initial RiskAssessment:Client Acceptanc
11、eAnd Know Your Customer初始风险评估：客户接受初始风险评估：客户接受度，了解你的客户度，了解你的客户Ongoing Risk Assessment:进行中的风险评估：进行中的风险评估：Anti-Money Laundering CAAML/Sanctions反洗钱反洗钱/制裁制裁PeriodicalRisk Re-assessment(or change in client profile/incidental)定期风险再评估（或定期风险再评估（或客户情况客户情况/附带事件的附带事件的变化）变化）交易监测交易监测风险评估风险评估核实核实识别识别风险再评估风险再评估关系考察
12、关系考察Know Your Customer:了解你的客户：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 information identifying their customers 要求员工获取鉴别客户的信息 Requires employees to verify tha
13、t 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&Terrorist Financing洗钱及恐怖分子筹资活动洗钱及恐怖分子筹资活动“Money Laundering”is the introduction of ill
14、egally gained assets into the legal financial system with the aim of concealing or disguising their true origin.“洗钱洗钱”是将非法获得的资产融入合法的金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。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：洗钱活动一般分三步进行：Placement 放置放置“the introduction
15、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 移转移转“the source of the illegally obtained funds is obscured through a succession of transfers and transactions to give them appearance o
16、f 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洗钱及恐怖分子筹资的其他来源举例 Drugs 毒品 Prostitution 卖淫 Illega
17、l 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 制裁制裁Two major financial markets,the EU and the US,apply economic sanctions in ce
18、rtain 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/employees to liabil
19、ity.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 Surveillance 交易监控交易监控Tr
20、ansaction filtering交易过滤交易过滤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交易监测交易监测Monitor post-transaction activity to detect unusual
21、 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 Marketing Co
22、mmunication 营销沟通 Record Keeping 档案保管Confidentiality 机密性机密性What information is confidential?哪些信息是机密的？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-pub
23、lic 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 p
24、hones)有他人在场时（手机接听电话时）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 deali
25、ng with 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！大爆炸！November 2007 2007年年11月月 MiFID MiFIDMiFID highest impact areas for ABN AMRO MiFID对荷兰银行施加的最高影响领域对荷兰银行施加的最高影响领域Client Classification:D
26、etermines the clients 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
27、性Appropriateness:(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
28、Assets 资产 Income 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很重要Size and experience规模和经验规模和经验Level of Protection 保护水平保护水平Large Companies大公司Small Companies小公司Regulated
29、 Firms规管公司Individuals个人Retail零售零售Professional专业专业Eligible counterparty符合条件的对手符合条件的对手Terminology 术语术语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每次交易都达到了客户的目标和风险概况了吗？风险概况了吗？Does the clien
30、t understand the risks of the products being sold?客户明白出售的产品的风险吗？客户明白出售的产品的风险吗？Appropriateness Information required合适度合适度 信息必须的信息必须的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
31、 知识与经验 Can be assumed for professional clients but only in relation to those products/services or transactions 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？如
32、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？这个交易你能做吗？Yes,so long as written warning is provided可以，只要有书面警告可以，只要有书面警告Suitability 适宜度适宜度What is advice?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
33、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 建议的适宜度建议的适宜度A bank
34、 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“suitable”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 cl
35、ient,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,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：来自建议的适宜性：来自/给予客户的信息给予客户的信息Before the bank give
36、s 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 experience 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
37、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 information 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
38、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？这是建议吗？We have a number of market protection structured products.These can 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
39、In view of your current portfolio and risk appetite,I think the most appropriate investment would be one of our market protection structured 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 fron
40、tier 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 remember 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
41、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 advice is given给出建议时请做好记录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 a
42、dvice 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 Management 咨询服务：投资组合管理Appropriateness合适度III.Market Conduct 市场行为市场行为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 Inte
43、rest 利益冲突利益冲突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 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
44、当，告知客户/征得客户的同意Chinese Walls 中国墙中国墙What are Chinese Walls?什么是中国墙？什么是中国墙？Barriers created to restrict or prevent movement of information within the bank,to help 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
45、like?特征？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：私人方面中国墙：私人方面VS.公共方面（续）公共方面（续）CommercialClients商业客户商业客户Global Clients全球客户全球客户Global Markets Structured Finance全球市场结构性金融全球市场结构性金融Transaction Banking交易交易Chinese WallGlobal Markets
46、 Sales/Trading全球市场销售全球市场销售/交易交易Global Markets Research全球市场研究全球市场研究Private Side 私人方面私人方面Public Side 公共方面公共方面Information Barrier信息障碍信息障碍Chinese Walls(Continued)中国墙（续）In addition,Chinese Walls allow:此外，中国墙允许：some defence against allegations of misconduct 为不良行为辩护 maximisation of business opportunities a
47、cross 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 Portfol
48、io 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 the listed company 私人客户部提供上市公司的投资建议Control Rooms 控制室控制室A Control Rooms main functions:控制室的
49、主要功能：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 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
50、 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.spreading a rumour and false or misleading news through internet 散布错误的或者误导性的有关市场
