Anti-Bribery & Corruption Policy
1) Introduction and Purpose
MyFP Services Sdn Bhd (MyFP) strongly upholds the highest standards of professional integrity and ethical conduct required of every MyFP director, financial planner, associate, employee and third parties who perform services for or on behalf of MyFP.
MyFP and all the employees are committed to compliance with the Malaysian Anti-Corruption (MACC) Act 2009 (“MACC Act”), subsequent amendments to the Act and all guidelines issued by relevant authorities pertaining to the same.
This Anti-Bribery & Corruption Policy (Policy) aims to ensure that all Employees (defined below) and Affiliated Persons (defined below) of MyFP are aware of their obligation to disclose any corruptions, briberies, conflicts of interest or similar unethical acts that they may have, and to comply with this Policy to follow highest standards of ethical conduct of business.
All directors, financial planners, associates and employees, including temporary, contract staff and/or interns of MyFP.
b) Affiliated Persons
Third parties engaged or work with MyFP in providing services or performing work for or on behalf of MyFP.
i) money, donation, gifts, loan, fee, reward, valuable security, property or interest in property being property of any description whether movable or immovable, financial benefit, or any other similar advantage;
ii) any payment, release, discharge or liquidation of any loan, obligation or other liability;
iii) any dignity, employment, contract of employment or services, and agreement to give employment or render services in any capacity;
iv) any forbearance to demand any money or money’s worth or valuable thing;
v) any valuable consideration of any kind, any discount, commission, rebate, bonus, deduction or percentage;
vi) any other service or favour of any description, including protection from any penalty or disability incurred or apprehended or from any action or proceedings of a disciplinary, civil or criminal nature; and
vii) any offer, undertaking or promise, whether conditional or unconditional, of any gratification within the meaning of any of the preceding paragraphs (i) to (vi).
3) Scope and Coverage
This Policy applies to all Employees of MyFP. The Policy sets out the minimum standards to which all Employees of MyFP must adhere to at all times.
While this Policy is specifically written for the Employees of MyFP, MyFP expects that all Affiliated Persons engaged by MyFP or performing work or services for or on behalf of MyFP will comply with it in relevant part when performing such work or services.
4) Key Requirements of MACC Act
The main offences under the MACC Act are:
a) Soliciting or Receiving Gratification
i) any person accepts or obtains, or agrees to the same, any gratification as an inducement or reward for doing or forbearing to do, any act in relation to his principal’s affairs or business, or for showing or forbearing to show favour or disfavour to any person in relation to his principal’s affairs or business commits an offence;
ii) any person who solicits or receives or agrees to receive (for himself or for any other person) or gives, promises or offers any person any gratification as an inducement or a reward for any person doing or forbearing to do anything.
b) Offering or Giving Gratification
i) any person who gives or agrees to give or offers any gratification to any agent as inducement or reward for doing or forbearing to do, or for having done or forbone to do the same in relation to his principal’s affairs or business, or for showing or forbearing to show favour or disfavour to any person in relation to his principal’s affairs or business.
c) Intending to Deceive
i) Any person who gives to an agent, or being an agent he uses with intent to deceive his principal, any receipt, account or other document in respect of which the principal is interested, and which he has reason to believe contains any statement which is false or erroneous or defective in any material particular, and is intended to mislead the principal.
d) Using office or position for gratification (abuse of position);
e) Failing to report when offered bribery
i) Any person to whom any gratification is given, promised or offered in contravention of MACC 2009 shall report the same. Under section 17A of the MACC Act, a commercial organization commits an offence if a person affiliated to the commercial organization corruptly gives, agrees to give, promises or offers to any person any gratification whether for the benefit of that person or another person with intent or
ii) to obtain or retain business for the commercial organization; or
iii) to obtain or retain an advantage in the conduct of business for the commercial organization.
Where an offence is committed by a commercial organization, a person who is its director, licensed financial planner; or who is concerned in the management of its affairs, at the time of the commission of the offence, is deemed to have committed that offence unless the person proves that the offence was committed without his consent or connivance and that he exercised due diligence to prevent the commission of the offence as he ought to have exercised, having regard to the nature of his function in that capacity and to the circumstances.
Section 17A (6) defines a person affiliated as a director, a financial planner, an employee or a person who performs services for or on behalf of the commercial organization.
In relation to anti-bribery and corruption, MyFP requires all Employees and Affiliated Persons to:
● Act lawfully, ethically and in the public interest;
● Prohibit bribery and corruption; and
● Not tolerate illegal or unethical behaviour by clients, suppliers or by public officials.
5) MyFP policy
a) Anti-bribery and Corruption
All Employees and Affiliated Persons are not permitted to pay, offer, accept or receive a bribe in any form. Employees and Affiliated Persons are strictly NOT allowed to:-
i) Offer, pay or give anything of value to any parties in order to obtain business or anything of benefit to MyFP.
ii) Attempt to induce any parties to do something illegal, unethical and permit any parties to violate the rules.
iii) Act illegally including bribes, blackmail, inducements, secret commissions, other rewards and similar improper actions.
iv) Give some advantage inconsistent with law and wrongful or unlawful use of the official position to procure some benefit or personal gain.
v) Corruptly give, promise or offer to any person's gratification with the intent to secure business or an advantage for MyFP.
vi) Offer, give, receive or solicit, directly or indirectly, anything of value to improperly influence the actions of another party.
b) Conflicts of Interest
Conflicts of interest occur when an individual or organization is involved in multiple interests, one of which could possibly corrupt, or be perceived to corrupt, the motivation for an act in another. A conflict of interest may be actual, potential or perceived and may be financial or non-financial.
It is the responsibility of all Employees and all Affiliated Persons, that any ethical, legal, financial or other conflicts of interest be avoided and that any such conflicts (where they do arise) do not conflict with the obligations to MyFP.
MyFP requires all Employees and Affiliated Persons to:
● Avoid any situation or activity that compromises, or may compromise, their judgement or ability to act in the best interest of MyFP.
● Avoid being in a position where their personal interests are in conflict (or could be in conflict) with the interests or business of MyFP.
● Avoid engaging in activities that will bring direct or indirect profit, commercial or business advantages to the MyFP’s competitor.
● Avoid acting in ways that may compromise MyFP’s legality.
● Identify and disclose any conflicts of interest.
● Carefully manage any conflicts of interest.
c) Gifts, Hospitality and Travel
Offering or receiving any gifts, hospitality and sponsored travel that may be perceived to unfairly influence a business relationship must be strictly avoided at all times. They should only be provided and received where they are appropriate, consistent with reasonable business practice, and would not be perceived to have any improper influence on the recipient.
All Employees and Affiliated Persons should use good judgment in offering or receiving the above-mentioned. In determining whether a specific gift item lies within the bounds of acceptable business practice, Employees and Affiliated Persons are encouraged to discuss the issue with the management of MyFP.
All Employees and Affiliated Persons must not request, accept, offer or provide gifts or hospitality designed to induce, support or reward improper conduct in connection with any business or anticipated future business involving MyFP.
Employees and Affiliated Persons must never avoid their obligation to report or seek approval for any business gift by paying personally for it in circumstances where they would otherwise be required to report and/or seek approval for it.
All giving of Gifts, Hospitality and sponsored Travel must get necessary approval from Superior and the company.
All receipts of Gifts, Hospitality and sponsored Travel must be reported to management of MyFP via [email protected] within 3 days of receiving it or as soon as practically possible thereafter. All registration and/or declarations must be made in the Employees’ best interests.
In addition, when giving and/or receipt of Gifts, Hospitality, sponsored Travel or any other benefit directly or indirectly to or by the Employees and Affiliated Persons, the Employees and Affiliated Persons must make sure that it:
● is aimed at nothing more than general relationship building;
● could not be perceived as an attempt to gain influence in respect of any particular matter;
● is lawful in the country which is made.
d) Donations and Sponsorships, including Political Donations
Employees and Affiliated Persons may only make or receive a charitable donation provided it has been subject to due diligence and management approvals and is appropriate in all the circumstances. No political donations or payments may be made.
Donations can only be made if:
● they are made in accordance with all legal requirements.
● they are not made to secure any improper business or other advantage.
● they do not create the appearance of impropriety or a violation of any local country legal requirements.
e) Facilitation payments
"Facilitation" or "Grease" payments are strongly prohibited in MyFP.
6) Where to find help/ reporting channel
For transparency and in order to facilitate the reporting of potential or suspected violations of MyFP Policy or applicable laws, regulations or professional standards, including those relating to anti-bribery and corruption, MyFP has established an accessible and trusted whistleblowing channel, to raise concerns in relation to real or suspected corruption incidents or inadequacies.
MyFP will not permit retaliation of any kind against any Employees for making good faith reports about actual or suspected violation of this Policy.
If Employees become aware of any actual or suspected breach of this Policy, they must report this to the mentioned whistleblowing channel via [email protected] immediately. The Employees in MyFP are not permitted to ignore, or fail to report, any suggestion of a bribe.
Proper investigation will be taken in place followed by appropriate action taken (if any).
The matters which may be reported under the Whistleblowing Policy include (but are not limited to):
● concerns about bribery and corruption.
● concerns about any other criminal activity or failure to comply with legal obligations.
● concerns about any conduct likely to damage MyFP’ reputation.
● concerns about possible money laundering or sanctions breaches.
● the deliberate concealment of any of the above matters.
If any of the relevant parties have any doubts or queries with regard to the application of this Policy, the relevant party may also contact the whistleblowing channel via [email protected]. Failure to comply with this Policy may lead to Employees being subject to disciplinary action, up to and including dismissal.
7) Training and Communication
This Policy is a public document and is available via www.myfp.com.my. This Policy which shall be communicated to all Employees. Employees must read and understand MyFP’s position on anti-bribery and anti-corruption. Adequate training on MyFP’s anti-bribery and anti-corruption approach shall be provided to all employees.
8) Further clarifications
Should you require further clarification with regard to this Policy, you should consult the management. Alternatively, you can email your queries to [email protected]
9) Policy Review
The Management shall from time to time commission a review on the policy and applicable procedures and will update this policy pursuant to the findings.
Date: 27 May 2021