Being a socially conscious corporate citizen is one of
Trustfinance's key values. Any corruption and bribery, or attempts
to engage in either, in Trustfinance's business interactions and
transactions are fully at odds with this fundamental principle and
are, thus, completely inappropriate and will not be accepted. This
is expressly stated in the TrustFinance Code of Conduct, which is
applicable to both directors and staff.
Because of this, Trust Financial Data Pte.Ltd., all of its
subsidiaries, group companies, and affiliated business units
(collectively, "TrustFinance", "the Company," "us," "we," or
"our") are dedicated to conducting business in an honest and
ethical manner. We are committed to acting ethically, fairly, and
with integrity in all of our business dealings and relationships,
regardless of where we conduct business. We also take a
zero-tolerance stance against bribery and corruption, and we
implement and enforce strong anti-bribery systems wherever we
operate.
As a result, TrustFinance's interactions with all of its
stakeholders need to adhere to strict rules of professionalism and
transparency.
Remember that TrustFinance operates in a number of jurisdictions and that, even if an act is not illegal where you as an employee or business partner work, it may be illegal in another jurisdiction where TrustFinance does business. Therefore, we always and everywhere comply with anti-bribery regulations when conducting business. The Singapore Prevention of Corruption Act 1960 (PCA), which apply to our conduct both at home and abroad.
The purpose of this Global Anti-Bribery Policy (the "Policy") is
to clarify our obligations in observing and upholding our stance
against bribery and corruption. It also serves as information and
guidance on how to comply with applicable anti-bribery laws and
regulations. Individuals who engage in corruption or bribery face
lengthy prison terms. If the Company is found to have participated
in corruption, we risk an unlimited fine, being barred from
bidding on government projects, and having our reputation
tarnished. We therefore treat our legal obligations with the
utmost seriousness.
Employees are required to seek guidance from Trustfinance's Legal
Department at [email protected] whenever they have questions
about a situation they are faced with.
Wherever they may be situated, all TrustFinance employees, including executives, managers, officers, and directors, are subject to this Policy.
Additionally, TrustFinance expects all business partners—including suppliers, distributors, consultants, agents, and other business partners—working for or on behalf of the company to always behave in accordance with the guidelines outlined in this Policy.
In the following, "you" or "your" refers to both employees and
business partners jointly.
You must ensure that you have read, comprehended, and complied with this Policy. You must also refrain from any actions that could potentially violate this Policy or even suggest such a violation, as doing so could have serious repercussions for both you and TrustFinance.
A bribe is an inducement or reward that is given in exchange for an economic, contractual, legal, or personal advantage. Improper payments or offers of payments to public authorities or business actors might be considered bribery.
Bribery takes many different forms, including improper payments made to a government official in order to secure a contract from a government agency. Other examples of bribery include kickbacks used to win contracts, payments made to obtain an unfair discount or advantage, and payments made to obtain kickbacks.
You (or anybody acting on your behalf, like a representative) are not permitted to, directly or indirectly:
(a) give, promise to give, or offer a payment, gift, or hospitality to any third party—whether an official, agent, or representative of the government, or a business counterparty—in the expectation or hope of getting a business advantage or to acknowledge an advantage already received;
(b) provide, promise to provide, or offer a cash, gift, or
hospitality to a government official, agent, or representative in
order to illegally win or keep business, get an improper
competitive advantage, or improperly sway any commercial decision.
It's also forbidden to pay any third party when you know (or
suspect but ignore) that all or part of the money will go to a
government official;
(c) receive money from a third party that you know or believe is
being offered with the intention of gaining an advantage for that
party's business;
(d) accept a gift or hospitality from a third party if you know or think it was given with the knowledge or suspicion that we would provide a business advantage in exchange;
(e) use intimidation or retaliation against a coworker or business associate who has refused to engage in bribery or who has voiced concerns in accordance with this Policy; or
(f) take part in any action that could result in a violation of this Policy.
In this policy, "third party" refers to any person or entity that
is not TrustFinance and that you interact with while working for
us. This includes current and prospective clients, customers,
suppliers, distributors, and other business partners, as well as
agents, advisers, government and public bodies, as well as their
advisors, representatives, and officials, as well as politicians
and political parties.
Giving anything of value, other than money or property, is prohibited and is included in the definition of bribery. This includes, but is not limited to, giving out gifts, entertainment, favorable contracts, stock options, and business chances.
In the hopes that they will do business with us, you offer a potential client tickets to a significant sporting event. The fact that you are making the offer in order to acquire a competitive and contractual advantage makes it illegal. The fact that the offer was made to win business for us may potentially be considered evidence that we broke the law. The potential customer's acceptance of your offer can also be illegal.
A supplier hires your nephew, but makes it obvious that in exchange, they count on you to use your position of power within our company to guarantee that we keep doing business with them. Making such an offer is illegal for a provider. You would commit an offense if you accepted the offer because you would be doing it for personal gain. This is true whether or not the supplier made it obvious that continuing your business with them was a condition of hiring your nephew.
Your potential supplier offers to personally give you a 50% discount on all the products in his store as a way of establishing a potential business partnership. Nothing about receiving something in exchange is mentioned by him. Making such an offer with the goal to sway your choice could be illegal for the supplier. Accepting the offer would be wrong since you would be doing it for selfish reasons.
Kickbacks
A supplier sends you an exaggerated or false invoice for
products or services that you didn't need, that were of poor
quality, or both. You receive some form of compensation (currency,
products, services, etc.) or favor in exchange for helping to
secure payment (the hiring of a relative, employment, etc.)
Bribing a foreign official
You make arrangements for TrustFinance to make an additional payment to a foreign authority in order to hasten a bureaucratic procedure, like getting our products through customs.
As soon as the offer is made, you have committed the crime of bribing the foreign official. This is so that it can benefit our business. We might even be found to have broken the law.
Additionally, Schedule 1 below lists "red flags" that may point to
bribery or corruption.
What are payments for facilitation?
The performance of routine, non-discretionary tasks or actions may be secured or sped up by small, informal payments made to low-level government officials. Direct payments to a government agency made pursuant to a mandate are not considered facilitation payments.
No facilitation fees of any kind are made or accepted by us.
If you are asked to pay for a facilitation on our behalf, you must
explain that this is against our policies. If the official or a
business partner (acting on TrustFinance's behalf, such as by
negotiating with a government official on the company's behalf)
insists, you must always request legal department approval; if
such is granted, you must ask him or her for a receipt and notify
your superior of any requests for facilitation payments.
You must refrain from engaging in any behavior that could indicate or imply that we will make or accept a facilitation payment.
A government official may be paid to do (or expedite the execution of) a current duty, such as processing a visa application, or to provide government services like phone support or mail delivery.
At the beginning of our commercial engagement with them and as necessary going forward, we must make all suppliers, distributors, consultants, agents, and any other business partners operating for or on behalf of TrustFinance aware of our zero-tolerance policy regarding bribery and corruption. You must let business partners know about our zero-tolerance policy and that you expect them to abide by the guidelines outlined in this Policy whenever you are speaking with, negotiating with, or interacting with them. In order to prevent interacting with individuals who engage in corrupt acts, you must also undertake sufficient due diligence on the business partners.
Any third party offering services to help TrustFinance generate
business or fulfill its promises must formally agree to abide by
this Policy. You must speak with TrustFinance's legal team before:
Any payment to a third party that will be used—or has a good chance of being used—for an illegal payment is forbidden.
We are aware that the habit of providing business gifts differs between nations and areas, and that what may be traditional and acceptable in one location may not be in another.
This Policy does not prohibit normal and appropriate hospitality (both given and received) to or from customers or business partners PROVIDED:
(a) is not given with the intent to persuade a third party to provide, receive, or retain business or a business advantage, or to reward the giving, receiving, or retention of business or a business advantage, or in explicit or implicit return for favors or benefits;
(b) observes local laws;
(c) granted under TrustFinance's name rather than your name;
(d) excludes cash or an equivalent in cash (such as gift cards, coupons, or refundable airline tickets);
Under the circumstances, (e) is appropriate. For instance, it is customary to give small gifts at Christmas Time in some countries;
(f) considering the purpose of the gift, it is of an appropriate type and value, and is given at an appropriate time. You are not permitted to give or accept gifts that are worth more than USD/EUR 75 on TrustFinance because that is the maximum value of such small gifts and hospitality;
(g) is given publicly, not secretly, and you have written to your superior about it.
Without the prior consent of TrustFinance's Legal Department,
gifts shall never be given to or received from government
officials, foreign public officials or representatives,
politicians, political parties, or their respective agents. You
should be aware that "government officials" include
representatives of state-owned corporations; as a result, if
you're thinking of inviting them to a hospitality event, you
should check with the Legal Department first.
It's your birthday, and an established merchant gives you a bunch of flowers: Accepting the flower bouquet is acceptable as long as you let your supervisor know first.
You just signed a contract with a supplier, and they sent you six champagne glasses from Tiffany & Co. Given that the glasses are more expensive than the threshold of USD/EUR 75, you are not permitted to take them. You should let your management know about this.
You send 2 tickets to a customer that you are in the process of negotiating a contract with in TrustFinance's name: The tickets are below the threshold of USD/EUR 75 and given in TrustFinance's name. However, if the tickets are given with the intent of influencing the customer, it is a violation. You should therefore always refrain from sending such gifts during contract negotiations.
Two airplane tickets are sent to you by a potential supplier so that you can attend a conference they are organizing in Hawaii: Since the tickets are more expensive than the threshold and could have been offered with the hope of developing a business connection with us, you are not permitted to accept this gift. Your superior should be made aware of it.
One of our providers has sent you an invitation to an event featuring authoritative information. The host (provider) provides all meals and lodging: You are welcome to come as long as the accommodation costs, such as those for meals, lodging, and supplementary amusement, are kept within reason.
The provider makes the travel arrangements at the same time. This is not permitted. Travel expenses to and from an event must be covered by each party.
No political donations are made on our behalf, and you are not permitted to do so on TrustFinance's behalf either. Under all applicable regulations, we may make morally and legally permissible charitable contributions. No donation may be solicited or made without the Chief Financial Officer's prior consent (CFO).
As soon as you become aware of any suspected or actual violations of this Policy, you must report them.
You must always seek advice by contacting the Legal Department by email at [email protected] if you have any questions about a situation you are presented with.
The Legal Department must be contacted if you have any questions or want to report a violation of this policy.
Employees can raise issues without worrying about reprisals. Retaliation against an employee who raises a concern in good faith is not acceptable to us. We are also dedicated to making sure that no one experiences unfavorable treatment as a result of refusing to engage in bribery or corruption. If this type of revenge is carried out, it may result in serious repercussions for the perpetrator, such as disciplinary sanctions and criminal prosecution.
In TrustFinance's books, records, and accounts, every business
transaction must be fully and precisely documented. You are not
permitted to: (i) make false or deceptive entries, including those
that fail to reflect improper transactions; (ii) make entries that
are falsified to conceal improper transactions; or (iii) omit to
record payments made by or to TrustFinance.
All gifts or hospitality taken or given must be disclosed and documented; the records will be reviewed by management.
You are responsible for making sure that all expense claims for
gifts, hospitality, or other costs paid to third parties are
presented in compliance with our expense policy and clearly
specify the rationale for the spending. As a result, it is
necessary to produce and preserve all accounts, invoices, memos,
and other records pertaining to interactions with third parties,
such as clients, suppliers, and business contacts, with rigorous
correctness and thoroughness. To facilitate or hide erroneous
payments, no accounts may be kept "off-book." Such behavior would
be against this policy, and it would be grounds for discipline,
which might include dismissal from your job.
If it is determined that TrustFinance engaged in corruption, it may be subject to unlimited penalties, business consequences, and reputational damage. Additionally, people who engage in corruption and bribery are subject to hefty prison terms. As a result, we take our legal obligations very seriously—both for your benefit and for our own.
Employees who violate this policy and applicable laws may be subject to civil liability, criminal prosecution, and disciplinary action, including termination of employment.
Similar to how any supplier, agent, distributor, or other business partner working for or on behalf of TrustFinance may not have their contract renewed or may have their contract terminated if they do not abide by this Policy.
All new TrustFinance employees get training on this Policy as part of the onboarding process. All current workers will receive consistent, pertinent training on how to apply and abide by this Policy.
It is the duty of managers at all levels to ensure that the subordinates they supervise are informed of this Policy, that they comprehend it, and that they get proper and ongoing training in it.
You must make sure that any business partners you work with are aware of and abiding by the rules outlined in this Policy.
The Legal Department shall routinely assess the applicability, sufficiency, and effectiveness of this Policy as well as its execution. To ensure that they are successful in preventing bribery and corruption, internal control systems and processes will be subject to routine audits.
Any suggested improvements will be carried out as quickly as feasible, and we will review the need for any updates or changes to this Policy at least once a year. We will let you know by email and/or the intranet if we update this policy.
The board of directors is ultimately in charge of making sure that
this Policy conforms with TrustFinance's legal and ethical
requirements and that everyone under its control complies with it.
Please don't hesitate to get in touch with the Legal Department if you have any inquiries or feedback regarding this Policy. You can get in touch with a member of the Legal team or send an email to [email protected]. All inquiries are welcome.
The list of potential warning signs that might appear while you work for us and raise questions in accordance with various anti-bribery and anti-corruption legislation is provided below. The list is provided merely as an example and is not meant to be comprehensive.
While working with us, if you notice any of these warning signs, you must notify your superior right away.
(a) You learn that a third party is using improper business tactics or has been accused of doing so.
(b) You discover that a third party is reputed to have a "special
relationship" with foreign government officials or to have paid
bribes, demanded payment of bribes, or both.
(c) Before agreeing to enter into a contract with us or perform a government task or procedure on our behalf, a third party insists on being paid a commission or fee.
(d) When a third party demands payment in cash, declines to formalize a commission or fee arrangement, or withholds an invoice or receipt for a payment that has already been paid.
(e) A third party requests that payment be sent to a nation or region other than the one in which it resides or conducts business.
(f) An outside party asks for an unforeseen extra charge or
commission to "enable" a service.
(g) A third party makes extravagant demands before beginning or continuing contract negotiations or the rendering of services.
(h) A third party makes a payment request in order to "overlook"
possible legal transgressions.
(i) A third party asks you to offer a customer's friend or
relative who is a friend or relative of that third party
employment or some other benefit.
(j) A third party sends you an invoice that appears to be unique or customized.
(k) The use of side letters or the refusal to record the terms of an agreement in writing by a third party.
(l) You observe that the commission or fee payment that was invoiced to us seems excessive given the allegedly rendered service.
(m) A third party, particularly an existing or potential client,
requests or demands that we utilize an agent, middleman,
consultant, distributor, or supplier that we don't generally work
with or aren't familiar with.
(n) A stranger extends you excessive hospitality or a gift that is unusually generous.
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