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  • Anti-Fraud Policy


    what you should know

    Rationale for this Policy

    AIA Group is committed to conducting all of its business with the highest level of ethics and integrity. To uphold this commitment and in particular, a zero-tolerance approach to fraud, the Group requires adherence to this Anti-Fraud Policy. The policy is intended to reinforce management procedures designed to aid in the prevention, detection and investigation of fraud, thereby safeguarding the Group’s assets and providing protection from the legal and reputational consequences of fraudulent activities.

    Policy Scope

    The policy applies to any fraud, or suspected fraud, involving AIA Group and its branches and subsidiaries, as well as its employees, vendors, insurance intermediaries or any other parties having a business relationship.

    Resources

    Group Compliance, supported by Group Internal Audit and Group Operational Risk Management, is responsible for the administration of this policy.

    Zero-tolerance Approach

    • Any allegation or suspicion of fraud will be investigated.
    • All substantiated frauds will result in disciplinary actions, including termination (unless unlawful) and reporting to law enforcement authorities for prosecution, civil action and/or other legal remedy (if reasonably practicable). AIA Business Unit Operational Risk Management Committees should set parameters / guidelines taking into account AIA’s Operating Principles and the potential negative impact to the working environment by failing to report cases of substantiated fraud to law enforcement authorities.
    • Length of service, relationship to AIA or offer to repay the defrauded amount should not be a consideration in assessing disciplinary actions or reporting to law enforcement authorities.
    • AIA Group will not hire, recruit or engage anyone convicted for fraud or if AIA has knowledge of involvement in frauds.

     

    In accordance with the AIA Group Whistleblower Protection Policy, there will be no retaliation for concerns raised in good faith.

     

    Policy Statement

    AIA Group adopts a Zero-tolerance approach to fraud and expects all employees, insurance intermediaries and third parties to act with honesty and integrity. All suspected cases of fraud will be investigated and disciplinary procedures enforced, including prosecution and termination.

    What is Fraud?

    Fraud involves an act of intentional deceit to secure (by the act or omission of another person) an unfair or unlawful gain for oneself or another or a loss to another. Acts such as deception, bribery, forgery, extortion, corruption, conspiracy, embezzlement, misappropriation, and collusion may or may not constitute fraud, but are also included within the scope of this policy.

    Examples of fraud:

    • False accounting, including deliberate misstatement of financial information for personal and/or financial gain;
    • Theft including trade secrets, intellectual property, equipment, etc;
    • Using false payment instructions, invoices or cheques in order to receive a payment to ones’ own account, or to a third party account in exchange for a benefit;
    • Falsification of payroll records, unsubstantiated expense claims, accepting or providing bribes or kickbacks in exchange for business whether or not for AIA’s benefit;
    • Acts by insurance intermediaries, including any act or omission knowingly committed with the intent to obtain a benefit through deceit. This would include, but not be limited to: forgery or intentionally presenting false information on an application for insurance or in connection with the renewal or reinstatement of insurance or in support of a claim for benefits; the manipulation of policy documents in order to unlawfully obtain customer funds; fraudulent representations in sales and marketing activities; and embezzlement or theft of company or client assets including policy benefits and premiums.
    What You Should Do (or Not Do)

    Stay alert to the signs of fraud and report suspicion of fraud immediately, regardless of value, to your manager, or, if you prefer, instead to: Group Internal Audit; a Compliance Officer; or anonymously via the AIA Ethics & Compliance Hotline at www.aiaethicsline.com. Head of Group Internal Audit must be notified immediately if the alleged fraud involves manipulation, omissions or misrepresentation of financial reports/ results.

    • If your subordinate reports any suspected fraud then you should, in turn, report the matter to Group Internal Audit or a Compliance Officer.
    • Do not alert the suspected individual or other unauthorised persons in an effort to determine facts or suspicion. All cases of suspected fraud will be handled with utmost care / confidentially.
    • Read the Code of Conduct and this Policy and attend the relevant training programs provided by the AIA Group to understand your obligations. Work in accordance with the Operating Principles.
    • Line functions are required to establish and maintain sufficient controls to ensure that fraud risk is properly monitored and mitigated. All employees should comply with controls and procedures in their areas of responsibility.
    • Ensure that vendors, consultants, intermediaries and other external parties are aware of this AIA Group Anti-Fraud Policy.
    • Cooperate in investigations and do not willfully or knowingly state anything which you believe is false or you do not believe to be true.
    What You Should Watch Out For

    Public information about current fraud schemes at other organisations for any lessons to be learned and applied at AIA.

    Where you believe the opportunity for fraud exists, you should discuss it with your line manager or Group Internal Audit. A number of frauds can be detected through suspicious behaviour. Some common red flags include: (More examples are included in the AIA Group Anti-Fraud Guidelines)

    • Reluctance to take leave, missing invoices/ contracts, Vendor selection without following procurement policy, fake vouchers, fake employment documents etc.
    • Intermediary frauds - trend of loans, surrendered or lapsed policies in the portfolio, suspicious customer signatures including for requests to change existing information, constant excuses for delay in submitting customer premium, withdrawal of complaints by customers etc.

     

    If you think a suspected fraud could potentially give rise to material legal or regulatory exposure for AIA, your Law Department should be consulted to help with the fraud report and investigation. While never a reason to delay or avoid internally reporting and investigating suspected fraud, your Law Department can help preserve legal privilege, to the extent it is available, which may assist in managing any subsequent external proceedings.

    Contact APAM

    1300-22-7771

    contact APAM

    1300-22-7771

    contact address

    Level 10, Menara AIA, 99 Jalan Ampang, 50450 Kuala Lumpur

    About Us
    About APAM
    GO TO

    AIA.COM

    Visit our corporate site to learn more about AIA
    Contact Address
    Level 10, Menara AIA, 99 Jalan Ampang, 50450 Kuala Lumpur
    About Us
    About APAM
    GO TO

    AIA.COM

    Visit our corporate site to learn more about AIA

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