What is Compliance?
Compliance means an act or process of complying with official requirements and recommendations. In all aspects of life we find rules telling us what is right and wrong - this also goes for the financial world. The rules regulating financial information are much stricter than those applicable to traditional consumer products.
Rules have been adopted in the financial world to ensure that you as the client receive the necessary information to allow you to choose the investment that matches your profile best. Not all investments are equally suited to all investors. Also, the rules must ensure that we as a bank can obtain the necessary information to offer you the best advisory service. Moreover, the rules must prevent money laundering and financing of terrorism. Therefore compliance excellence is a standard, not a goal for us!
You will experience that our Compliance function:
- uses common sense
- knows our clients and their requirements
- knows what we are dealing with
- gives clear, fair and not misleading advice
- balances our communication
- creates informed basis for your decision-taking
- prevents money laundering and financing of terrorism
... in short our Compliance function acts carefully and appropriately.
Due diligence demands
In Trusted Novus Bank we do not accept clients involved in money laundering or terrorism. Therefore our compliance department carries out due diligence in respect of all client relationships with the Bank. The main objective of the due diligence process is to identify the key individuals of each client relationship and to gain thorough knowledge of their background. In no way do we wish to assist in the financing of terrorism or money laundering; consequently we are very thorough when carrying out our due diligence process.