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  • Part VI – Anti-Bribery and Corruption

    • A. General Principles

      1. VASPs shall establish and maintain an effective anti-bribery and corruption policy to ensure that the Board and all Staff must comply with all applicable laws and regulations relevant to anti-bribery and corruption in all jurisdictions in which they operate. Such policy must allow for reports to be made by Entities outside of the VASP and protect the identity and confidentiality of the Entity who has made a report at all times.
      2. VASPs must conduct all business in an honest and ethical manner and must take a zero-tolerance approach to bribery and corruption. The Board and all Staff must act professionally, fairly and with integrity in all business dealings and relationships.
      3. It is prohibited for any VASP, members of the Board and all Staff, to—
       
        a. give, promise to give, or offer, a payment, gift or hospitality to a third party or otherwise engage in or permit a bribery offence to occur, with the expectation or hope that an advantage in business will be received or to reward a business advantage already given;
        b. give, promise to give, or offer, a payment, gift or hospitality to a third party to facilitate or expedite a routine procedure;
        c. accept a payment, gift or hospitality from a third party if it knows or suspects that such payment, gift or hospitality is offered or provided with an expectation that a business advantage will be provided by the VASP in return;
        d. threaten or retaliate against another member of the Board or Staff who has refused to commit a bribery offence or who has raised concerns; and
        e. engage in any activity that might lead to a breach of the anti-bribery and corruption Rules in this Part VI of this Compliance and Risk Management Rulebook.
       
      4. The anti-bribery and corruption Rules in this Part VI of this Compliance and Risk Management Rulebook do not prohibit normal and appropriate hospitality [given or received in accordance with the VASP’s own gifts and hospitality policy] to or from third parties, provided relevant policies are compliant with applicable laws. Such gifts and hospitality policy should set out clearly what is and is not appropriate to make or receive gifts and/or hospitality to and from a third party.
      5. The CO will monitor the effectiveness of the anti-bribery and corruption policy on a regular basis. Any deficiencies identified should be dealt with as soon as possible.
       

    • B. No Corrupt Payments

      1. It is prohibited for any VASP or any members of its Board, Staff, consultants or contractors, any Group company, agent, business partner, contractor or supplier of the VASP to make any payment[s] to a third party where there is any reason to believe that all or any part of such payment will go towards a bribe or otherwise facilitate any corruption.
      2. All payments made by VASPs for services must be appropriate and justifiable for the purpose of legitimate services provided.
       

    • C. Investigation and Reporting

      1. VASPs must establish, maintain and publish methods of contact including, but not limited to, a telephone line, for receiving reports of any violation or possible violation of any applicable laws and regulations relevant to anti-bribery and corruption by the VASP, or its Board or Staff on its behalf.
      2. Any member of the Board or Staff must report to the CO as soon as possible if they believe or suspect that an action in conflict with the anti-bribery and corruption Rules in this Part VI of this Compliance and Risk Management Rulebook has occurred, or may occur, or has been solicited by any other Entity.
      3. The CO shall investigate any report of a violation or possible violation of the anti-bribery and corruption Rules in this Part VI of this Compliance and Risk Management Rulebook and shall follow the below procedures—
       
        a. An investigation file should be opened. In the case of an oral report, the CO should prepare a written summary.
        b. The CO shall appoint an independent Entity who shall promptly commission the conduct of an investigation. The investigation will document all relevant facts, including Entities involved, times and dates.
        c. The CO shall advise the Board of the existence of an investigation.
        d. The identity of the individual disclosing relevant information to the CO should be treated in accordance with applicable UAE laws and regulations.
        e. On completion of the investigation, a written investigation report will be provided by the Entity employed to conduct the investigation to the CO. If any unlawful conduct is found, the CO must advise the Board accordingly.
        f. If any unlawful conduct is found, the VASP shall take such remedial action as the Board deems appropriate to achieve compliance with its internal anti-bribery and corruption policy and all applicable anti-bribery and corruption laws. The Entity employed to conduct the investigation shall prepare a written summary of the remedial actions taken.
        g. The written investigation report and a written summary of the remedial actions taken shall be retained by the CO for a period of no less than eight [8] years from completion of the remedial action. Such reports shall be made available to VARA upon request.
       

    • D. Information and Trainings

      1. VASPs shall implement and provide an anti-bribery and corruption training programme for the Board and all Staff on a regular basis and monitor their compliance with all established procedures. All members of the Board and Staff must participate in all such trainings provided by the VASP.
      2. VASPs shall ensure that all members of the Board and Staff to have full access at all times to the most up-to-date anti-bribery and corruption policy and will be informed of any changes to such policy.
      3. Training on the anti-bribery and corruption policy should form part of the induction programme made available to all new Board members and Staff.
      4. In addition to relevant requirements in the Market Conduct Rulebook, a zero-tolerance approach to bribery and corruption and all relevant policies must be disclosed by all VASPs to the public and communicated at the outset of all business relationships as appropriate.
       

    • E. Responsibility for the Policy

      1. The Board shall have the overall responsibility for ensuring its anti-bribery and corruption policy is up-to-date and complies with all applicable laws and regulations in all jurisdictions where the VASP conducts its business.
      2. The CO has the primary and day-to-day responsibility for implementing the anti-bribery and corruption policy and for monitoring its effectiveness.
       

    • F. Consequences of Breach

      1. Failure to comply with a VASP’s anti-bribery and corruption policy should result in severe consequences, including internal disciplinary action and termination of employment without notice.
      2. VASPs should immediately report to VARA any finding of unlawful conduct in breach of the anti-bribery and corruption Rules in this Part VI of this Compliance and Risk Management Rulebook.