Report of the Thun Group of Banks' Annual Meeting 2018

Author: Thun Group of Banks, Published on: 27 August 2018

[P]articipants reflected upon the Thun Group's 2017 Paper... The[y] ... agreed that the [...] constructive feedback received from key experts following the meeting facilitated the finalization of the Paper (published in December 2017)...

In a session on modern slavery, [...] the focus was on the role of the financial sector in helping to combat human trafficking. The session included discussions on new regulation... [P]articipants also shared their internal collaboration with other departments, most noteworthy compliance functions such as KYC, AML, payment flow monitoring etc. and considered additional feedback loops...

Participants briefly considered the development of the [Dutch Banking Sector] Agreement and its scope (i.e. corporate loans and project finance activities)... 

[P]articipants discussed [...] the legal restrictions on such disclosure as well as the effect of those restrictions in various jurisdictions. The session confirmed that, subject to the exceptions discussed with the panel, banks are clearly restricted in what they can disclose...

[P]articipants also discussed reporting expectations around human rights... [A] growing number of financial institutions follow the UNGP reporting framework... 

[P]articipants considered current challenges in the context of effective due diligence and grievance mechanisms. The legislative landscape is not harmonized, which creates challenges for multinational enterprises...

[Note: See here for a description of the Thun Group, the Annual Meeting 2019 report and a 2017 discussion paper including civil society comments and a response by the group.]

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