We strive to form an organizational culture of regulatory compliance, in order to implement operational integrity and enhance our control of and response to information security issues, as well as anti-money laundering (AML) and countering the financing of terrorism (CFT) via rigorous organization and system.
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We conduct regulatory compliance online courses for internal employees and field workers: Total training hours reached 273 thousand hours①
2023 total AML/CFT training hours: 48 thousand hours①
Cathay Life establishes systematic channels for the dissemination of laws and regulations, control, and education to raise our employees’ awareness, ensure legal compliance for all businesses, and reduce the probability of operational risks.
In 2022, we continued to optimize our Legal Compliance Management System and integrated it with the enforcement systems of other insurance companies to improve compliance performance.
Mechanisms
Specialized legal compliance unit was established, which sends information of legal and regulatory changes to relevant departments, and tracks response and implementation statuses.
Legal compliance self-evaluation and self-inspection were conducted twice a year to ensure compliance and remedy any deficiencies in the operations of our business departments. The result was included in the criteria of manager assessment to urge our managers to pay due attention to legal compliance.
In 2022, 230 products and services (including business trials, new types of operations, and new products that require review opinions of the Chief Compliance Officer) were subjected to the review procedure to ensure that these products comply with laws and internal regulations, and relevant opinions were expressed by the Chief Compliance Officer.
Training
We continue to regularly issue monthly newsletter “Regulatory Compliance Auditing and Information Security Monthly,” promoting information such as major changes to relevant laws, personal data protection, information security, AML/CFT, major external events, or businesses related to legal compliance, thereby acquainting employees with the risks in Cathay Life Insurance’s operations.
We conduct regulatory compliance online courses for internal employees and field workers: Number of trainees was 30,767; total training hours reached 365 thousand hours.
We conduct online legal compliance tests two times every year, and require participants to get full marks in the test, so that they have better familiarity with the law and awareness on legal compliance.
Overseas supervision
In order to balance overseas business development, our legal compliance unit have established a contact mechanism jointly with overseas branches and investee companies. By using this mechanism, we regularly track major regulatory changes and inspections by local authorities as well as improvements, plan and implement supervision.
Focus story
In 2023, 225 products and services (including business trials, new types of operations, and new products that require review opinions of the Chief Compliance Officer) were subjected to the review procedure to ensure that these products comply with laws and internal regulations, and relevant
opinions were expressed by the Chief Compliance Officer.
In 2023, We conduct regulatory compliance online courses for internal
employees and field workers: The number of trainees was 29,694. The total training hours reached 273 thousand hours.
