Banca March obtains the AENOR certification which validates its tax risk control system
22 January 2024 Category: Banca March
- The entity achieves certification of its tax compliance model according to the UNE 19602 standard after an exhaustive quality audit of the entity's policies, systems, procedures and controls.
- The AENOR certification endorses Banca March's commitment to the highest standards of good governance, which include the adoption in its management model of a rigorous and effective tax compliance system that minimises tax risk.
Banca March received the AENOR certification for its tax compliance management system, which confirms the bank's commitment to the highest standards of good governance by including in its management model policies and controls that minimise tax risk. This certification, in accordance with the UNE 19602 standard, was achieved after an exhaustive quality audit that analysed the policies, systems, procedures and controls that Banca March has in place to guarantee the correct management and control of tax risks.
The UNE 19602 standard defines requirements and recommendations for tax compliance that help companies to implement a management system that facilitates the identification, prevention and detection of tax risks, in order to avoid complementary tax assessments, penalties or offences against the tax authorities. It also facilitates transparency vis-à-vis the Tax Administration and ethical compliance by the organisation with regard to its relations with the Public Administrations at state, regional and local level.
The ceremony to present the certificate, held at Banca March's headquarters, was attended by the bank's CEO, José Luis Acea, and the CEO of AENOR, Rafael García Meiro.
Banca March's historic commitment to transparency and rigour
Banca March CEO José Luis Acea, said: “At Banca March we compete with a different model that seeks to rely on the best corporate governance practices and joint growth with all stakeholders, in other words, a model that provides value to customers, the professionals who work at the bank, shareholders and society in general, while also seeking full compliance with our obligations to all regulators and public administrations. This AENOR certificate ratifies Banca March's historical and unavoidable commitment to transparency, rigour and regulatory knowledge in any field, while looking after the interests of our customers, concepts that must be at the core of these best practices of good governance, together with the strictest risk control, which means that we are the bank with the highest capital equity ratio in Spain, with a CET1 of around 20%.
Rafael García Meiro, CEO of AENOR, stated that: "AENOR's certification in tax compliance allows Banca March to demonstrate to all its stakeholders its firm commitment to good practices in this area, which include fostering a transparent and ethical business culture. This solution is a benchmark for designing and coordinating criminal risk prevention systems, in which we have already certified more than 15 companies, including some of the leading names on the Spanish business scene. Banca March, as a leading institution in the financial system, sends a clear message with the most recognised certification, which endorses its due diligence before any authority".
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