Compliance activities

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Compliance activities

Integrity checks on operations and counterparties

Compliance carries out due diligence on EIB counterparties and operations, including on-going monitoring activities and controls, to ensure that the Bank does not unwittingly facilitate corruption, fraud, collusion, coercion, money laundering, tax fraud, harmful tax practices or the financing of terrorism.

Achieving this requires appropriate policies and measures in our business dealings and contracts. These measures include controls on anti-money laundering and on combating the financing of terrorism and other harmful practices. The Bank adopts an exemplary policy towards non-compliant, weakly regulated, non-transparent and uncooperative jurisdictions (NCJ Policy), which is at the forefront of international financial institutions’ policies in this field (see also frequently asked questions on the NCJ policy).

The EIB’s strict policy towards such practices contributes to international efforts to promote integrity in the financial markets, and helps to mitigate the Bank’s exposure to legal and reputation risks.

In pursuing its integrity mission, Compliance collaborates with the Inspectorate General, an independent control function responsible for investigating internal and external allegations of fraud, corruption and other prohibited practices in EIB-financed operations or activities. Whenever irregularities, which could indicate illegal activities, are detected (following ex ante due diligence or as a result of ongoing monitoring), Compliance liaises with the Inspectorate General, which determines whether an investigation needs to be launched.

Integrity checks on staff and governing bodies

Integrity refers to adherence to the principles promoted by the Codes of Conduct. These set out the ethical behaviour expected of EIB staff members, contractors, consultants and members of the governing bodies. This includes a high standard of personal and professional ethics, loyalty, honesty and impartiality, and commitment to the Bank's objectives.

Compliance of procurement procedures

The EIB Guide for Procurement is based on the EU’s fundamental principles on public procurement – non-discrimination, equal treatment, transparency and proportionality – and ensures fair competition among qualified tenderers. Compliance checks involve maintaining the compliance of procurement procedures with the rules set out in the EIB Guide for the Bank itself.

Other compliance activities

For matters in its remit, the Compliance Directorate ensures cooperation with other EU institutions and bodies, international financial institutions, national development agencies and international standard-setting organisations.

Whistleblowing policy

The Whistleblowing policy safeguards the Bank’s integrity by enhancing its transparency and helping to combat practices that might damage its activities and reputation.

By setting out clear reporting lines, ensuring maximum protection for any whistleblower acting in good faith, and condemning any retaliatory action or reprisals, this policy allows any relevant persons to fulfil their duty to report wrongdoings and irregularities.