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Overview

Sanctions are measures used by national governments, supranational bodies and international organisations to support national security interests and/or advance foreign policy objectives. The requirements of different sanctions regimes will often vary depending on the government or body administering them, their intended aims, and the individuals, groups, vessels and entities they target. However, measures commonly imposed include the following:

  • Financial restrictions
  • Asset freezes
  • Travel bans
  • Targeted arms embargos, and/or
  • Import/export bans on certain commodities.

We are committed to ensuring the financial wellbeing of people, businesses and communities by ensuring we comply with the applicable sanctions regulations.

Sanctions policy

In light of the differences amongst sanction laws of nation states, we have a Group-wide policy which acts as basis for the development of appropriate internal procedures. We are committed to:

  • Ensuring employees understand the importance of sanctions compliance
  • Securing the Group’s operations in their respective markets
  • Working to mitigate the risk of breaching sanctions regulations
  • Promoting awareness of our role as a responsible corporate citizen.

Due diligence

We undertake due diligence on:

  • Our customers
  • International payments 
  • Trade transactions.

The purpose of this due diligence is to ensure that we:

  • Properly identify any sanction risk represented by our customers, transactions and trade deals
  • Avoid breaching an applicable sanctions regime as a result of conducting business with, for, on behalf of, or otherwise, in relation to a designated entity.

Related information

Read about our sustainability initiatives, focus areas and performance in the 2013-2014 financial year. 

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A responsible approach to the way we provide financial products and services is essential for delivering excellent service to our 14 million customers.

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Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) program sets out how the Group identifies, mitigates and manages money laundering and terrorism financing risk.

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