Good Corporate Governance
Regulatory Compliance Policy
1. General Requirement
1.1 Purpose
To ensure that all personnels at every level understand and are aware of the importance of their duty to comply with applicable laws, regulations, and practices. Such compliance will lead to proper operations in accordance with the practice guidelines of the Company and of external agencies that have legal authority to regulate the Company, and will prevent and mitigate potential compliance risks.
1.2 Scope
Personnel of Bangkok Life Assurance Public Company Limited and its subsidiaries (the Company) must study, understand, and strictly abide by this policy.
1.3 Effective Date
This policy shall be effective from the date of approval by the Board of Directors.
1.4 Review Frequency and Revision
This policy must be reviewed annually, or when a significant change arises.
Any significant revisions, review, or renewal of this policy must be considered by the Corporate Governance and Sustainability Committee before being submitted to the Board of Directors for approval.
1.5 Responsible Function
The Compliance Office is the responsible function of this policy.
2. Main Requirement
2.1 Definition
| 2.1.1 | “Regulation” means any laws, rules, criteria, best practices, and operating standards which are relevant to and have an impact on the business operations of the Company, including but not limited to the Life Insurance Act, the Securities and Exchange Act, the Personal Data Protection Act, the Anti-Money Laundering Act, the Counter Terrorism and Proliferation of Weapons of Mass Destruction Financing Act, any regulations issued by the Office of Insurance Commission (OIC), the Office of Securities and Exchange Commission (SEC), the Office of Personal Data Protection Commission (PDPC), and the Anti-Money Laundering Office (AMLO), as well as employment laws and tax laws. The relevant laws, rules, criteria, best practices, and operating standards may originate from various sources, including those established by regulators, best practices established by industry associations, or internal best practices established by the Company for its personnel. These rules may also reflect social norms or values that promote fair conduct beyond legal requirements. |
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| 2.1.2 | “Compliance risk” means the risk arising from failure to comply with the laws, requirements, regulations, standards, and guidelines applicable to the Company’s transactions, which may result in financial or reputational damage, penalties, or regulatory intervention. |
2.2 General Principle
The Company is determined to operate business with honesty and strictly fulfill its obligations under applicable laws and guidelines in order to maintain confidence and trust of stakeholders. Therefore, the Board of Directors has established this Regulatory Compliance Policy.
2.3 Role, Duty, and Responsibility
| 2.3.1 | The Board of Directors (“BoD”) establishes the policy framework and enforces this policy. | |
| 2.3.2 | The Corporate Governance and Sustainability Committee reviews this policy before the responsible function presents it to the Board of Directors. | |
| 2.3.3 | The Management Committee (“MC”) applies this policy to the Company’s business operations. |
2.4 Requirement
2.4.1 Principles of Practice under Regulatory Compliance Policy
| 2.4.1.1 | To promote regulatory compliance culture by demonstrating a commitment to adhering to high ethical standards, as well as applicable laws, regulations, rules, and policies. | |
| 2.4.1.2 | To promote transparent communication with accurate and complete information, as well as the reporting of compliance violations and root cause analysis to prevent recurrence. | |
| 2.4.1.3 | To establish monitoring and reporting measures to identify cases of non-compliance with regulations or deficiencies in the regulatory compliance governance system, and to protect the Company and its personnel from intentional or unintentional violations as well as any potential penalty or damage. | |
| 2.4.1.4 | To conduct regular assessment and review of compliance risks. |
2.5 Penalty
Violation of this policy is considered violation of the Company’s Code of Conduct for All Personnel and may constitute an offense against the Company's rules, as well as other applicable laws, regulations, rules, or requirements.
