What is Compliance?
Banking compliance consists in knowing and respecting the external and internal rules that govern our banking and financial activities. These rules aim to ensure the transparency, integrity and balance of the Bank’s relations with all its stakeholders. Compliance is thus the bedrock of trust between the Bank, its clients, its supervisors and its members of staff.
For further information, see the 2024 Universal Registration Document - Compliance chapter
Our vision of Compliance
Our compliance actions are an integral part of the Group’s strategy that aims to make Societe Generale a top-tier, rock-solid and sustainable European bank. To achieve this, it is imperative to ensure that our activities are undertaken in strict compliance with the rules and regulations.
The Group’s members of staff are regularly made aware of and/or trained in compliance issues so they can operate with integrity and in an ethical manner. Our Code of Conduct, which has been translated into 24 languages, is an illustration of this.
A strengthened organisation
Reporting directly to the Group’s General Management, the Compliance Department is headed by Grégoire Simon-Barboux, a member of the Group’s Executive Committee. Numerous committees and opportunities for dialogue in the presence of the Group’s General Management and Board of Directors help determine the Group’s main guidelines and principles with regard to compliance.
To assist business lines and monitor compliance measures, the Compliance Department is organised around:
- central teams responsible for defining norms and standards, performing controls as well as ensuring key cross-business functions such as digital transformation and training;
- teams in charge of ensuring compliance within the Group’s major business divisions (Global Banking and Investor Solutions, French Retail Banking, International Retail Banking, Private Banking and Corporate Divisions) responsible for each business line’s deal flow, advisory and compliance risk oversight.
The main non-compliance risks
The Compliance Department is organised into three main compliance risk categories.
Financial security
Sanctions & embargos
Compliance with trade sanctions and embargos is an issue whose importance and complexity are continually increasing. Trade embargos and economic sanctions are strictly complied with throughout the Societe Generale group.
Anti-money laundering and countering the financing of terrorism
The Compliance Department’s mission is to prevent money laundering and the financing of terrorism. It coordinates the fight against such risks.
Anti-Money Laundering certificate
Patriot Act - Certification regarding correspondent accounts for foreign banks
Wolfsberg Group Financial Crime Compliance Questionnaire
Know your Customer
Know your Customer (KYC) is about identifying and knowing the characteristics of the client and updating this information to meet regulatory requirements.
Regulatory risks
Client protection
The Group has put major actions in place in terms of training and increasing awareness, adapting its tools and strengthening its internal rules regarding how it deals with client complaints, for example.
Summary of Societe Generale’s Conflicts of Interest Policy
Market integrity
The laws and regulations pertaining to market integrity have been incorporated within a robust risk hedging system implemented within the Societe Generale group. Rules of conduct, organisational principles and oversight and control measures have been put in place and are regularly assessed.
Prevention of risks associated with tax evasion
The Group’s policy with regard to countering tax evasion is governed by the Tax Code of Conduct. The Group complies with its proprietary fiscal transparency obligations and client fiscal transparency requirements. In particular, it applies CRS (Common Reporting Standard) and FATCA (the American Foreign Account Tax Compliance Act), the purpose of which is to fight tax evasion among its clients. The Group has implemented European Directive DAC 6, which requires the reporting of cross-border tax planning arrangements. Societe Generale has a control mechanism to ensure that operations comply with its Tax Code of Conduct and with local laws and regulations.
The Group's Tax Code of Conduct
Entities included in the compliance scope and their GIINs (FATCA)
Documentation of Entities included in the compliance scope - reverse KYC (FATCA)
Anti-corruption & bribery, ethics and conduct
Societe Generale applies the strict principles included in its Code of Conduct and complies with the provisions of the most stringent regulations in this regard, such as the UK Bribery and Corruption Act (2011).
Societe Generale Code of Conduct
Code governing the fight against corruption and influence peddling
Corporate Social Responsibility: sustainability risk
Societe Generale is committed to ensuring that, in each of its activities, the Group, its members of staff but also its subcontractors and suppliers operate in compliance with the Group’s obligations and commitments on environmental and social matters in order to ensure a responsible and sustainable economy.
Statement related to sustainability risks and adverse impacts on sustainability factors
Data protection
Societe Generale is particularly sensitive to the protection of people’s personal data. The governance of the processing of personal data within the Societe Generale group was strengthened when the General Data Protection Regulation (GDPR) came into effect. Back in 2016, the Group launched a vast programme incorporating all of this regulation’s requirements, notably with regard to its personal data security and usage aspects and the implementation of the enhanced rights of those concerned.