Compliance operates as an independent Executive Board-level function at Credit Suisse, underscoring the high level of importance that we assign to this topic. The function's mandate is to oversee compliance matters for Credit Suisse, and it includes being a proactive, independent function that partners with the businesses by continuously challenging and supporting them to effectively manage compliance risk.
Recognizing the critical role of employees in helping to preserve financial integrity, we aim for the highest standards of personal accountability and ethical conduct from each member of our workforce. Credit Suisse employees at all levels of the organization, as well as the members of the Board of Directors, are obligated to adhere to Credit Suisse's Code of Conduct. To ensure we are continuously informed of the latest regulations and industry standards, our employees are required to participate in an annual targeted and tailored training curriculum. It includes, but is not limited to, developments in the finance industry and internal best practices for continued compliant growth. Since the launch of our six Conduct and Ethics (C&E) Standards in 2017, Credit Suisse has focused on confirming that the C&E Standards are firmly embedded in our processes throughout the bank and reinforced by a strong emphasis from senior management. The six C&E Standards – Client Focus, Meritocracy, Stakeholder Management, Accountability, Partner and Transparency – set the values and conduct expectations for employees.
We believe that protecting the integrity of the financial system is a core responsibility of banks. At Credit Suisse, we are committed to complying with all applicable financial crime laws and regulations in the jurisdictions in which we operate. We have established global policies and procedures in an effort to achieve more robust and consistent standards of compliance, including in relation to politically exposed persons (PEP), the prevention of money laundering and terrorist financing, bribery and corruption, as well as the adherence to applicable economic and trade sanctions laws.
Credit Suisse maintains active participation in the Wolfsberg Group, a reflection of our continued commitment to understand the latest financial crime risks and controls, while also staying abreast of important regulatory and market developments. We expect threats related to the global financial system to grow and change, and we are actively developing and implementing risk management capabilities to combat financial crime. In addition, employees must ensure that transactions that may impact on the reputation of Credit Suisse undergo our bank-wide standardized Reputational Risk Review Process.