Barents Re is committed to the highest standards of anti-money laundering and combating the financing of terrorism (AML/CFT), regulatory compliance and corporate governance. We recognise the importance of adhering to all applicable laws, rules and regulations in the territories in which we conduct business around the world.
The Compliance Officer of Barents Re is responsible for ensuring that robust systems and controls are in place to achieve adherence to AML/CFT compliance, regulatory compliance and governance requirements. These systems and controls are agreed and monitored by the Risk & Compliance Committee of Barents Re, and the Board of Directors of Barents Re.
We expect all members of the Board of Directors and staff of Barents Re to be aware of and be fully compliant with the laws, rules and regulations pertinent to their day-to-day responsibilities. We communicate our policies and procedures for AML/CFT compliance, regulatory compliance and governance requirements by means of our various manuals, which are reviewed annually and distributed to all staff worldwide.
One of the policies and procedures of Barents Re is Know Your Client (KYC), being the process through which we verify the identity of our clients. Barents Re has implemented effective systems and controls to ensure the identification of all of the counterparties with which it enters into business relationships, as reputable and legal parties that operate within regulatory bounds and are not a sanctioned entity or individual. In addition, Barents Re ensures that the members of the Board of Directors and staff receive annual training in AML/CFT compliance.