Conducting our Business Responsibly
Safeguard long-term stakeholder value through embedding responsible business practices and strong governance
Financial Crime Prevention
Anti-money Laundering and Countering Financing of Terrorism
Our Strategic Defense
The fight against money laundering and terrorism financing is critical for Great Eastern because these illegal activities pose serious threats to the integrity of the financial system. As an integral part of this system, we are committed to adhering to strict anti-money laundering (AML) protocols. The potential legal and reputational consequences of inadvertently being used as a conduit for financial crimes can have a significant impact on stakeholder confidence. As a result, maintaining robust AML controls is not only a regulatory requirement for us, but also a fundamental component of our commitment to ensure the security and trustworthiness of our financial operations and services. Our proactive approach to Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) protects our reputation and contributes to the overall stability of the financial markets in which we operate.
Our Management Approach
In addition to stringent compliance with all relevant laws and regulatory guidelines, our approach to AML/CFT is also responsive to evolving threats. Our strong governance structure and comprehensive framework are essential components of our policies and standards, ensuring a proactive and risk-averse operational ethos. The Group AML/CFT Policy, which is supported by detailed standards, serves as the foundation for our AML/CFT Programme, which takes a risk-based approach. This strategy includes meticulous customer due diligence, ongoing monitoring and reporting of suspicious transactions. These critical functions are carried out using system-based tools, which ensure consistency and precision in our detection controls. This proactive approach is critical to our commitment to maintaining the integrity of the financial systems in which we operate, thereby protecting the trust placed in us by our customers and stakeholders.
AI Innovations Elevate AML/CFT Efforts at Great Eastern
In 2023, Great Eastern took a significant leap forward in enhancing AML/CFT operations by integrating Artificial Intelligence (AI) into its existing systems. The introduction of an AI-powered Name Screening model marked a transformative step in the company’s approach to risk management. Operational since October, this AI tool has enhanced the classification of screening alerts by risk levels, enabling the system to segregate low-risk alerts that could be batch-processed, thus allowing more resources to be deployed to assess higher risk transactions.
Fraud Risk
Fortifying Trust
Fraudulent activities have a significant negative legal and reputation impact on Great Eastern; thus, it is critical that Great Eastern establish robust anti-fraud measures to protect our reputation and build trust and confidence in our stakeholders in order to sustain our business over time.
Our Management Approach
Great Eastern has established the Group Fraud Risk Management Policy (“Policy”) to define the tone and expectations from the top. Fraudulent behaviour and activities of any kind will not be tolerated and dealt with swiftly and decisively.
Our Commitment to Action
Zero Tolerance
We are unwavering in our commitment to combating fraud and have set the highest standards for fraud risk management to protect our customers, revenue, assets and reputation. We remain vigilant in identifying and mitigating fraud risk through regular reviews and enhancements. Any allegations of fraud are thoroughly investigated and when necessary, we take decisive disciplinary action. Our ongoing efforts and robust tools ensure the Group’s and customers’ safety and integrity in the face of financial crime.
