Compliance & Corporate Governance

1- Introduction and objectives of the regulations 

“IBDAA – Microfinance” S.A.L. is committed in its policies to high ethical standards such integrity, credibility and transparency in all its practices and internal and external operations. Compliance with the regulations of ethics is one of the conditions of work and one of the duties and responsibilities of the company's employees to do the work professionally.

The regulations of ethics determine the responsibilities of the company and its employees internally between presidents and subordinates from one part and between colleagues from another part of different degree and positions and externally with the authorities dealing with the company within a safe working environment in a framework of justice and equality regardless of race, origin, gender and religion discrimination to help them do their jobs in an optimal manner. The principle of merit, qualifications and work standards is adopted as a basis for progress and performance of work efficiently, reflecting the corporate image.

This system also provides the company's employees with guidelines and general rules that regulate the following aspects:

• Gifts and bonuses

• Not influenced by social pressures and personal interests

• Conduct administrative procedures 

• Transparency

• Conflict of interests 

• Privacy and confidentiality 

• Sexual harassment

• Communication with media 

• Information technology

• Adjustment of financial matters

2- Implementation and contraventions 

All employees including company's permanent employees and contractors who work in the general administration, the branches or delegates of any shareholder are subject to the regulations of ethics at all administrative aspects.

Any employer may not participate or perform any work that may contradict or is incompatible with the principles laid down in the regulations of ethics. Therefore, compliance with these regulations is essential and any violation thereof calls for disciplinary action against the offending employee in accordance with the applicable laws and regulations of the company. Appropriate legal procedures shall be followed and disciplinary penalties applied as set out in the applicable company's affairs regulations.

Cybercrimes are crimes which are directed at computers or other devices, and these devices are integral to an offence. Common types of cybercrime include hacking, online scams and fraud, identity theft, attacks on computer systems and illegal or prohibited online content

Bank hacks is becoming a trend by hackers to illegitimately gain larger and more lucrative advantages from the banking and financial institutions sector and experts warn that bank hacking attempts is likely to increase. Facing this new criminal trend, BDL defended the integrity of the Lebanese payments system by Circular N° 144 “Prevention of cybercrime” where IBDAA is fully compliant and committed to its requirements and the intitution has implemented the necessary cyber-security systems and protocols to protect our databases. Because the effect of cybercrime can be extremely upsetting and because customers’ cooperation is highly important to efficiently fight cyber-attacks, we present below few preventive steps for you to follow during your banking operations to better protect yourself against the risks of cyber-attacks:

• Dedicate a specific email account for your banking operations and do not share it on social networking sites. Remember: This account should not be mentioned on your business card.

• Always use the “Forward” option to reply to the e-mails you receive and never click on the "Reply" button.

• Be alert for any sudden modification of your correspondent / counterparty details (name, bank account, address, phone number, etc.)

• Be suspicious of all e-mail messages containing details or instructions from your correspondent / counterparty that you not used to receive.

• Always confirm any change of your correspondent / counterparty   with a phone call using the phone number that you usually use.

• Pay attention: Malicious programs could be embedded in certain emails you receive with suspicious suffixed attachments (i.e. «.exe», «.cox», «.com», «.dll», «.scr», «.pif», «.shs », «.dif», «.vbs», «.bat»). Do not open unless you are fully sure of the sender and the content.

• Do not check your e-mails and accessing financial data (e-banking) when you are using a public WIFI.

• Protect your computers with genuine anti-virus software and update it permanently;

• Be sure to scan all USBs and other devices before they are connected to your network;

• Create “difficult-to-guess” passwords, avoid using the same password for multiple e-mail accounts and online sites, never share them with anyone and change them  regularly

• Lock your computer before leaving your place

• Never use public computers for banking or commercial activities;

Further to BDL Circular number 144, IBDAA urge you to refer to the attached cybercrime prevention guide which was developed in collaboration between the Special Investigation Commission (SIC), the Association of Banks in Lebanon (ABL), and the Internal Security Forces (ISF), to gain valuable insights in this regards.