About

The in-house team of the legal and compliance department of the Milan branch of the Industrial and Commercial Bank of China is currently composed of six professionals, out of a total of 43 employees, representing 14% of the branch’s staff. The legal team is made up of local staff and two Chinese team members. ‘This guarantees, among other things, the ability of the team to manage with efficiency and effectiveness, including in terms of linguistic knowledge and aspects of local, Luxembourgish and Chinese regulation’, says head of the legal and compliance department Andrea Megale. In addition, the heterogeneity of the educational and professional background of the team, composed of banking and finance lawyers, compliance professionals and recipients of internationally recognised anti-money laundering (AML) certifications, allows a truly transversal and conscious management of the legal, compliance and AML risks of the bank. The Bank has recently decided to double the number of team members from its three member team in 2017. The team, in coordination with the respective functions in Luxembourg and China, provides constant support for legal and compliance matters to the senior management and to all the departments of the branch. During the second half of 2018 and in the first half of 2019, in addition to ordinary business tasks, the team coordinated activities relating to issues of particular relevance for the branch. These include the definition and implementation of the branch’s organisation and management model pursuant to legislative Decree 231/2001, the management of inspections by local supervisory authorities and the management of financial restructuring positions.