Marios Skandalis, director of the Bank of Cyprus’ group compliance division said,
“As well as adhering to local laws and regulations, we have engaged in this spectacular transformation by adopting the best international standards and practices […] the Bank of Cyprus is the only institution in the country that has performed a gap analysis and has adopted all provisions of ISO 19600 (compliance) and ISO 37001 (anti-bribery).”
In Africa, Kenya’s Bureau of Standards (KEBS) which is in charge of verifying compliance with all standards for products imported into the country also announced that it would be making use of the anti-bribery standard.
“The ISO 37001, anti–bribery management Systems is designed to enhance the controls that are in place. This will help to reduce bribery from occurring,” KEBS‘ head of National Quality Institute, Cecilia Mutuku said during the announcement.
Developing nations are often highly sensitive to bribery. As such, by following this route, KEBS is raising local standards to those at the international level.
After the recent 1MDB scandal in Malaysia, both the public and private sector are focused on building a reputation for anti-corruption measures. In May, Malaysia Airports Holdings’ general manager of procurement, Ibrahim Chang Boon Teck, announced that the airport had achieved the ISO standard on anti-bribery procedures as part of this pledge.
“We are really proud to have joined the ranks of this group of multinational and government-linked companies that strongly believe in ensuring a corruption-free workplace,” he said.
By deciding to adopt ISO 37001 standards, the fiduciary industry is in phase with future trends. What many authorities and industries around the world have come to understand is that trust is only achieved through universal standards and the continuity of good practices.
