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Compliance

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Compliance

Compliance is integral to the Bank’s ethical, professional and business approach.

The independent EIB Compliance function promotes the highest standards of integrity and ensures that they are applied to all of the Bank’s activities, as outlined in our integrity policy and compliance charter.

As well as combating money laundering and the financing of terrorism, the Compliance function strongly supports a corporate culture based on ethical values and professional conduct.

The Compliance function identifies, assesses, monitors and reports compliance risk. The Bank adheres to the Basel Committee on Banking Supervision’s definition of compliance risk as “risk of legal or regulatory sanctions, material financial loss, or loss to reputation” to which an EIB Group member may be exposed, arising from a failure to comply with applicable laws, rules and regulations.

Areas of activity within Compliance include:

  • integrity checks on operations and counterparties
  • integrity of staff and governing bodies (ethics)
  • ensuring that procurement selection procedures comply with internal rules.

Organisation 

In accordance with the principles laid down by the Basel Committee, Compliance is an independent Directorate under the guidance and responsibility of the EIB's Group Chief Compliance Officer (“GCCO”). The GCCO reports directly to the President of the Bank under the functional authority of the relevant Vice-President.

Compliance risk is managed at EIB Group level by the GCCO, who coordinates:

  • the Office of the Chief Compliance Officer (OCCO), in charge of European Investment Bank Compliance and
  • Compliance and Operational Risk (COR), in charge of European Investment Fund Compliance and Operational Risk.


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