Anti Corruption policy
AND PROCESSES FOR KYC
At OTI Group, we are committed to upholding the highest ethical standards and fostering a culture of integrity throughout our organization. We firmly believe in conducting business in a fair, transparent, and responsible manner.
This No Corruption Policy extends to all directors, staff members, contracted employees, subcontractors, and project partners associated with OTI Group. Compliance with this policy is mandatory, and all individuals must act in accordance with its principles. By adhering to these standards, we collectively demonstrate our unwavering commitment to integrity, transparency, and responsible business conduct.
The maintenance of high ethical standards, in compliance with national and international laws, is a guiding principle of the Organisation and pervades all its activities and functions. The Organisation is committed to the implementation of its work and activities in accordance with the provisions of the applicable national and EU legislation and business ethics and its commitment is embodied in this Code. The Organisation considers that, at the company level, participation in corruption phenomena damages the reputation, credibility of the company itself in the market, causes criminal consequences, civil liabilities and other legal risks and financial damage (in the case of fines), increases the operational costs, hurts staff loyalty and loyalty, creates a negative mindset and culture and causes exclusion from potential business opportunities. After all, the prohibition of corrupt practices is a point of reference in general for the orderly functioning of the economy, development and evolution.
For this reason, the Organisation implements its professional activity with strict ethical compliance procedures, demonstrating zero tolerance for Bribery & Corruption practices and complete professional integrity during its professional transactions, relationships and transactions. Promoting a culture of ethics and integrity is a paramount factor in maintaining the trust of those who do business with the Organisation.
The purpose, therefore, of this Anti-corruption and Bribery Code is the full compliance of the company, its employees and its external partners with the applicable relevant legislation at national and EU level.
Please ensure that you read, understand and comply with this Policy.
A corrupt practice is the abuse of a public or private office for personal gain.
Bribery is the offering, promise or payment of money, gifts or anything offered to a person in a position of influence in order to influence their behaviour, decisions, beliefs or to obtain an improper advantage.
Fraudulent practice is any act or omission, including misrepresentation of facts, in which someone knowingly or negligently misleads or attempts to mislead someone for the purpose of obtaining a financial or other benefit or avoiding an obligation (may include tax fraud).
Collusion is the practice in which two or more parties agree to achieve an unlawful purpose, including improperly influencing the actions of another.
The Policy of this Code applies to all persons who work on behalf of or on behalf of the Organisation at all levels or are related to it in any way.
KYC means “Know Your Customer.”
It describes the process of verifying the identity of customers – either before or during the start of doing business with them. The KYC process is performed to prevent illegal activities such as money laundering or fraud, in return protecting both company/organisation and client.
The extensive use of new technologies and the internet makes it necessary to define standards that help fight online fraud e.g.
- Money Laundering
- Terror Financing
The KYC procedure responds to a legal and global imperative for any type of business that wants to onboard a user as a client and knows that they are trustworthy.
The KYC process consists in verifying that the client is actually who he says he is and giving him access to the services or products he needs. This verification is carried out through different methods, although not all comply with legal requirements.
What are the three components of KYC?
- Customer Identification Program (CIP): The customer is who they say they are
- Customer Due Diligence (CDD): Assess the customer’s level of risk, including reviewing the beneficial owners of a company
- Continuous monitoring: Check client transaction patterns and report suspicious activity on an ongoing basis
Corruption undermines public trust, threatens national and global economic and social development, and poses significant barriers to fair trade. Therefore, preventing, detecting and reporting bribery and other forms of corruption is a priority and responsibility of everyone who works for us or under our control. All Staff must avoid any activity that could lead to a breach of this Policy, whether by Staff or business partners.
The Organisation and its employees undertake to follow ethical business practices, to behave with transparency and credibility and to comply both with applicable national and EU laws, provisions and regulations, as well as with global policies aimed at preventing a risk of corruption .
OTI Group maintains a zero-tolerance approach towards all forms of corruption, including bribery, extortion, embezzlement, and any other illicit activities. We strictly prohibit engaging in or tolerating corrupt practices in any aspect of our operations.
This policy applies to all individuals associated with OTI Group, including directors, staff members, contracted employees, subcontractors, and project partners. It encompasses all activities conducted on behalf of OTI Group, regardless of the location or context.
We are committed to complying with all applicable laws, regulations, and international standards relating to anti-corruption and bribery. All individuals associated with OTI Group must familiarize themselves with these laws and regulations and abide by them without exception.
OTI Group strictly prohibits the offering, giving, receiving, or solicitation of bribes or other improper advantages, whether directly or indirectly, to influence business decisions or gain unfair advantages. This includes both public and private sector bribery.
Providing or accepting gifts, entertainment, or hospitality must be done within the boundaries of legality and reasonableness. All individuals associated with OTI Group should exercise caution and ensure that such actions do not compromise their independence, objectivity, or integrity.
All individuals associated with OTI Group are expected to avoid situations that may create or appear to create conflicts of interest. Personal interests should never influence or interfere with business decisions made on behalf of OTI Group. Individuals must promptly disclose any potential conflicts of interest.
OTI Group conducts thorough due diligence on business partners, suppliers, subcontractors, and project partners to ensure their adherence to anti-corruption standards. We select partners who share our commitment to integrity and conduct periodic reviews to monitor compliance.
We encourage all individuals associated with OTI Group to report any suspected or actual incidents of corruption, bribery, or unethical behaviour. OTI Group provides channels, such as a designated reporting mechanism, to confidentially and anonymously report concerns. Whistleblowers are protected against retaliation.
OTI Group provides regular anti-corruption and ethics training to all directors, staff members, contracted employees, subcontractors, and project partners to enhance their understanding of applicable laws, policies, and procedures. This training aims to raise awareness and promote a culture of integrity within our organization and extended network.
OTI Group promptly and thoroughly investigates all reported incidents of corruption. If an individual associated with OTI Group is found to have violated this policy, appropriate disciplinary measures, which may include termination, will be taken. Legal authorities may also be involved, as required.
OTI Group is committed to continuously reviewing and improving our anti-corruption measures, policies, and procedures to adapt to changing legal, regulatory, and business environments. Feedback from individuals associated with OTI Group, stakeholders, and external sources is actively sought and considered.