The voluntary code of conduct sets out principles that apply to banks to guide them when they deliver banking products and services to Canada's seniors. Bank of China (Canada) ("the Bank") has taken the below steps to comply with Code of Conduct for the Delivery of Banking Services to Seniors ("the Code").
Principle 1
The Bank established and implemented an appropriate policy, procedures and processes to ensure compliance with the Code. Related training has been provided to relevant employees. The Bank has identified circumstances where seniors may require assistance with their banking activities when its clients communicate with seniors.
The Bank has incorporated the Code's requirements into its regulatory compliance management framework, including by updating the Bank's identified obligations and related control measures.
Principle 2
To help ensure the Bank communicates effectively with seniors, it developed consolidated disclosure information relevant to seniors, including information for establishing powers of attorney and joint deposit accounts, and fraud prevention and complaint handling procedures. For easy access by seniors, the disclosure is prominently displayed in physical format at branches and digitally on the Bank's public website.
The Bank also ensures that the branch employees are aware of the accessible formats and delivery channels available to seniors.
Principle 3
To ensure there's appropriate training to our employees who serve seniors, the Bank held in-person training to relevant branch and compliance staff in Q4 2020. Also, in Q1 2021 relevant online training was provided. The trainings included information on financial abuse, fraud and scams, powers of attorney and joint deposit accounts, resources available to employees that are relevant to seniors' banking needs, and our internal escalation process for issues at that are unable to be addressed in the branch.
Principle 4
The Bank has made appropriate resources available to client-facing employees to help them understand matters relevant to seniors' banking needs. This includes making relevant information available on the Bank's internal website, and resource persons who are trained and knowledgeable to assist frontline employees in delivering bank products and services to seniors. The latter can assist employees by providing additional information about topics such as bank resources related to seniors, financial abuse, fraud, scams, incapacity and the powers of attorney and joint deposit accounts.
Principle 5
To help the Bank to mitigate potential financial harm to seniors, the Bank has existing anti-money laundering transactions monitoring, and fraud detection and prevention programs in place. In order to respect clients' privacy, and security and autonomy, each of our branches has a quiet and accessible space where private discussions can be held.
Principle 6
The Bank has a small number of branch locations, and the closure of a branch location does not occur often. The Bank's existing related procedure complies with obligations under Financial Consumer Agency of Canada (FCAC) Guidance 14 "Branch Closure Guidance - Pre-closure consultation process. Accordingly, the Bank will inform the FCAC of any planned measures, as appropriate, including to meet this principle should there be a branch closure.
Principle 7
This report is the first annual report to ensure that the Bank will publicly disclose the steps taken to support the principles set out in the Code, and any other steps taken to improve the delivery of banking services to seniors. In line with the Bank's related policy, annually we will publish a report on the Bank's website within 135 days of our financial year-end.
END
