113 How We Are Governed Financial Statements Shareholders’ Information Additional Information • Anti-Fraud, Bribery and Corruption (“AFBC”) Kenanga Group is committed to ensure that all its businesses and operations are conducted lawfully, ethically and with integrity. The Group approaches compliance in these areas with a growth mindset and a process of continuous improvement, and invests heavily in innovative and fresh approaches. Therefore, our AFBC program has been carefully designed to prevent, detect and manage risks related to fraud, bribery and corruption. The underlying principles of the approaches adopted, serve to demonstrate Kenanga Group’s steadfast stance of ensuring its businesses and operations are conducted in the highest standards of ethics and integrity; free from fraud, bribery and corruption. As part of this commitment, the Group Anti-Fraud, Bribery and Corruption Policy (“AFBC Policy”) emphasises zero tolerance of all forms of fraud, bribery and corruption. The same stance applies to all the third parties dealings with and for Kenanga Group who must ensure that they do not act corruptly or involved in fraudulent activities of any kind. Consequent to the AFBC Policy, the Group Anti-Fraud, Bribery and Corruption Reporting Procedure (“AFBC Reporting Procedure”) was extensively revamped in 2021 to prescribe the applicable procedural requirements for the reporting of suspected or confirmed fraud, bribery or corruption that could cause adverse impact on Kenanga Group. The AFBC Reporting Procedure further made a clear distinction between the scope of internal and external fraud, as well as bribery and corruption for the understanding of all employees. • Anti-Money Laundering and Countering Financing of Terrorism (“AML/CFT”) The increasingly interconnected global economy and explosion in new technology coupled with the rapidly growing markets and complex business structures have contributed to the changing structures of organised crime groups thus, causing rapid evolution of the AML/CFT regulatory landscape and modus operandi. Furthermore, criminals have sought to exploit the COVID-19 crisis to commit scams, fraud and cybercrime and this require fundamental reassessment of the approach to managing financial crime risks. At the heart of any effective strategy to shield from the exposure to financial crime is the implementation of meaningful financial crime policies which act as a clear marker of an organisation’s red lines and ethical standards. In this regard, Kenanga Group has in place robust policies and procedures at the Group level that define the minimum standards, governing policies, principles and controls in managing the risks of money laundering, terrorism financing and proliferation financing. In addition to that, a risk-based approach program has been specifically designed and implemented to help detect, deter and prevent money laundering, terrorism financing and proliferation financing risks, as well as assess and mitigate the related risks in a manner consistent with the applicable laws, rules, regulations, supervisory guidance, and industry best practices. All these towards ensuring the effective and efficient management of Kenanga Group’s financial crime risks so as to mitigate potential regulatory and reputational risk. UPHOLD HIGH STANDARDS OF CORPORATE GOVERNANCE Kenanga Group recognises that upholding high principles and practices of corporate governance and internal controls is key to the long-term value creation and contributes directly to a sustainable business performance. Premise on this, policies and procedures have been established in the following areas and are continuously reviewed to inculcate compliance, ethics and integrity values in the Group.
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