Policy

  • Privacy Policy
  • Whistleblower Policy
  • Excessive or Luxury Expenditure Policy

Privacy Policy

Our commitment to your privacy
At BankAsiana, protecting your privacy is important to us. We understand how critical it is to take every precaution when you entrust us with your financial information; you can rest assured that it will be maintained within our strict guideline. We would like you to understand what information we collect, how we use it and with whom we share it.

Information we collect
We may collect "nonpublic personal information" about you from the following sources:
- Information we receive from you on applications or other loan account forms;
- Information about your transactions with us or others;
- Information we receive from third parties such as credit bureaus;
- Information from public sources such as real estate records and telephone numbers.

"Nonpublic personal information" is nonpublic information about you that we obtain in connection with proving a financial product or service to you.
- Your name, physical address, mailing address, phone number, and social security number;
- Information regarding your account number and account balance;
- Information involving any loan or payment history;
- Information reflecting account usage.

Parties with whom we share information
We may provide information about you to third parties in certain circumstances in order to provide you with the products or services you are requesting.
These third parties could include any of following:
- Our operations Service Bureau and item Processing Centers;
- Information to government entities in response to subpoenas;
- Information to professional product resources;
- information to credit bureau;
- Loan settlement service providers, real estate inspection and appraisal companies;
- insurers, attorneys and other related professionals.

Accordingly, we may provide information to our service providers in order to process your applications or to service your accounts with us for the following reasons:
- To assist us in serving your loan or account;
- Credit history analysis;
- To offer enhanced products or services;
- To protect you and your accounts with us against fraud.

If personally identifiable customer information is provided to a third party, BankAsiana insists that the third party adhere to strict privacy guidelines that will provide for, and ensure safekeeping of the confidential information.
We do not disclose any nonpublic personal information about you to anyone, except as permitted, or required by law.

Occasionally, we may select business partners who may be able to offer our customers a selection os requested products such as credit cards, business solutions or insurance. Although these third parties are not owned or affiliated with BankAsiana, every business relationship we enter into will be required to adhere to our strict privacy standards.

Information Protection and Security
BankAsiana maintains appropriate control and procedures to protect the access to, and integrity of, our customers' information by adhering to established policies and procedures, which are intended to:

- Ensure the security and confidentiality of customer information;
- Maintain accurate information;
- Protect against threats or hazards to the security or integrity of customer information;
- Protect against unauthorized access to, or use of, customer information that could result in harm or inconvenience to the customer.

Employees of BankAsiana are permitted access to the information they need to do their jobs. We maintain strict internal policies against unauthorized access and disclosure. All bank personnel are educated and required to sign documentation attesting to the fact that they understand the importance of confidentiality customer privacy.

This policy and standard applies to information about both our current and former customers.

All information, including "cookies" and similar files, supplied by you in order to effect transactions in your accounts at our Bank, via this website, and unless otherwise required by law, any communication or information that you transmit to us via this website, including electronic mail, is protected and will be used in a manner consistent with our Internet Privacy Policy.

Accuracy
We continually strive to maintain complete and accurate information about you and your accounts. Should you ever believe that our records contain inaccurate or incomplete information about you, please notify to us.
We will investigate your concerns and correct any inaccuracies.
How to "opt-out" of having information disclosed
In order to provide you with an array of requested financial products and services, BankAsiana has established relationships with third party providers that agree to our same philosophies in customer confidentiality. In some cases, providing these products and services requires that we release nonpublic personal information to the third party in order to provide the requested product or service. If you choose to "opt-out" of this information sharing process, we may be unable to provide the product, service or solution you are requiring.

If you prefer to restrict your information from our third party relationships, you may direct us to not disclosure "nonpublic personal information" about you, which is not publicly available. You must do so by contracting us in writing, with your name, address and account number to:

Privacy Manager
BankAsiana

7 Broad Avenue
Palisades Park, New Jersey 07650

Phone: 201) 313 - 5400
Fax: 201) 313 - 5401

Whistleblower Policy

Introduction
It is the policy of BankAsiana ("Bank") that its reported financial information be accurate and complete in all material respects. This policy is to ensure achievement of this goal, encourage proper individual conduct relating to accounting or auditing matters, and provide a means for early detection of problematic situations related to accounting or auditing matters before they have serious consequences.

This policy provides a process for the anonymous submission of suspected wrongdoing (whistleblowing) by any employee of the Bank or of any subsidiary of the Bank who has concerns about internal auditing controls or questionable accounting or auditing matters and desires to report those concerns.

The Audit Committee has adopted the following procedures for the receipt, retention and treatment of complaints received by the Bank regarding accounting, internal accounting controls or auditing matters, and for the confidential, anonymous submission by employees of concerns regarding questionable accounting or auditing matters.

1. Scope of Matters Covered by These Procedures
These procedures relate to complaints or concerns regarding accounting, internal accounting controls or auditing matters of the Bank (“Complaints”), including, without limitation, the following:

- Fraud or deliberate error in the preparation, evaluation, review or audit of any financial statement of the Bank;
- Fraud or deliberate error in the recording or maintaining of financial records of the Bank;
- Deficiencies in or noncompliance with the Bank’s internal accounting controls;
- Misrepresentations or false statements to or by an officer of the Bank or an accountant regarding a matter contained in the financial records, financial reports or audit reports of the Bank; or
- Deviation from reporting of the Bank’s financial condition as required by applicable laws and regulations.

2. Submission and Receipt of Complaints
All Complaints will be kept confidential to the fullest extent reasonably practicable within the legitimate needs of law and any ensuing evaluation or investigation. The Complaint may, at the discretion of the person submitting the Complaint, be submitted anonymously.

- A person or an employee who has Complaints may submit them confidentially and anonymously to the Chair of the Audit Committee, or the Chairman of the Board:

Chairman of the Board:
Kwangil Hwang
k7hwang@gmail.com
201) 314 - 8259

Audit Committee Chair:
Peter C. Ha
pha@ibexltd.com
201) 681 - 6099

The Audit Committee Chair or the Chairman of the Board is an independent third party who will coordinate delivery of Complaints to the Audit Committee or appropriate Bank personnel. This provides a means for submission of Complaints involving senior management without filtering by any management person or other entity personnel.

Any supervisor or other employee who receives a report of such concerns should refer the information received to one of those to whom reports are to be given in accordance with this policy.

3. Complaints
To assist the Bank in the response or investigation of a Complaint, the Complaint should be factual rather than speculative, and contain as much specific information as possible to allow for proper assessment of the nature, extent and urgency of the matter that is the subject of the Complaint. It is less likely that the Bank will be able to conduct an investigation based on a Complaint that contains unspecified wrongdoing or broad allegations with verifiable evidentiary support.

The Complaint should, to the extent possible, contain the following information:
- The alleged event, matter or issue that is the subject of the Complaint:
- The name(s) of the person(s) involved;
- If the Complaint involves a specific event or events, the approximate time and location of each event; and
- Any additional information, documentation or other evidence available to support the Complaint.
- To the extent that it can be provided without compromising the desire for anonymity, a method to respond to the Complaint and/or request additional information.

4. Retention of Complaints
Each Complaint shall be investigated by a person as designated by the Audit Committee. This person shall note, on the Complaint: the date of receipt and the date of submission to the Audit Committee.

All Complaints shall be kept in a Complaint file under the control of a person designated by the Audit Committee.

The Complaints shall be maintained in accordance with the Bank’s document retention policy.

5. Treatment of Complaints
A copy of all Complaints shall be promptly forwarded to the Audit Committee and reviewed at its next regularly scheduled meeting unless the nature of the Complaint dictates otherwise. All Complaints will be investigated under the direction of the Audit Committee. The Committee shall designate a person to record the Complaint and to periodically update the status of the actions being taken concerning the Complaint.

The Complaints will promptly be investigated in a manner that is as discreet as the circumstances reasonably permit. The Audit Committee does reserve the authority to name an individual to perform an investigation. The individual who will conduct the investigation shall gather such documents and materials and interview such individuals as is reasonably necessary to complete the investigation.

The results of any investigation conducted pursuant to this policy shall be reported to the Audit Committee and the Chief Executive Officer of the Bank (unless clearly inappropriate due to the nature of the report). The Audit Committee shall have the authority to, at any time, request a briefing regarding any investigation of a Complaint and any findings regarding a Complaint.

Upon completion of the investigation, the Audit Committee shall review the results and determine the corrective action, if any, to be taken in response to a Complaint or direct additional investigation of any Complaint. All documents and materials compiled during the investigation shall be retained with the Complaint and handled in accordance with Section 4 of this policy.

At the conclusion, the Audit Committee shall direct a designated person to prepare a written report/response to the Complaint. Upon completion of the written response, it shall be submitted to the Audit Committee for review and approval.

A copy of the response letter shall be maintained with the Complaint and documentation compiled during the investigation, and a copy sent to the Complainant, if possible.

6. Confidentiality/Anonymity
Concerns may be reported anonymously, at the employee's option. The Bank shall maintain the confidentiality or anonymity of the person(s) making the Complaint to the fullest extent reasonably practicable within the legitimate needs of law and of any ensuing evaluation or investigation. Legal or business requirements may not allow for complete anonymity. Also, in some cases it may not be possible to proceed with or properly conduct an investigation unless the complainant identifies himself or herself.

In general it is less likely that a thorough investigation can be completed in response to an anonymous Complaint due to the difficulty of interviewing anonymous complainants and evaluating the credibility of their Complaints. In addition, persons making Complaints should be cautioned that their identity might be come known for reasons outside the control of the Bank. The identity of other persons subject to or participating in any inquiry or investigation relating to a Complaint shall be maintained in confidence subject to the same limitations.

7. Protections from Retaliation
Retaliation against an individual who, in good faith, has made a Complaint, disclosed information relating to a Complaint or otherwise participated in an investigation relating to a Complaint, is prohibited regardless of the outcome of the investigation. The Bank shall not discharge, demote, suspend, threaten, harass or in any manner discriminate against an employee in the terms and conditions of employment based upon any lawful actions of such employee with respect to good faith reporting of Complaints, participation in a related investigation or otherwise as specified in Section 806 of the Sarbanes-Oxley Act of 2002. An employee’s right to protection from retaliation does not extend immunity for any complicity in the matters that are the subject of the Complaint or an ensuing investigation.

Deliberately making a false report is also against this policy. This is not meant to discourage or limit the rights of individuals from making reports of alleged violations relating to accounting or auditing matters. The Bank recognizes that, in some instances, it may not be possible to determine whether a report is warranted.

Employees should not be reluctant to report information because they are uncertain of who will be believed and whether the allegation can be proved.

These procedures are in no way intended to limit the right of employees to report alleged violations relating to accounting or auditing matters to proper governmental and regulatory authorities.

8. Policy Accessibility
Internally

The policy is distributed to employees by the company email and employees may obtain and maintain a copy of the policy.

In addition, employees have access to this policy as the policy is posted in the rest areas at the premises of the Bank.

Further, a copy of the policy is also available at the Bank’s Internet website www.bankasiana.com.

Externally

The policy is accessible to anyone through BankAsiana’s Internet website at www.bankasiana.com.

Excessive or Luxury Expenditure Policy

This policy fulfills the requirements under the American Recovery and Reinvestment Act of 2009 (ARRA) prohibiting excessive or luxury expenditures by BankAsiana (the "Bank"). ARRA requires each recipient of funds under the Community Development Capital Initiative to have in place a Bank-wide policy regarding excessive or luxury expenditures, as identified by the Secretary of the Department of the U.S. Treasury.
The Bank prohibits excessive or luxury expenditures on entertainment and events, office or facility renovations, aviation or other transportation services or other activities or events that are not reasonable expenditures for conferences, staff development, reasonable performance incentives or other similar measure conducted in the normal course of business operations of the Bank.

Renovation
Renovations of facilities and office spaces should be relative to the approved current strategic plan. An exception to this can be allowed if management must deal with an emergency situation, such as an act of nature, and the expenditure is necessary to make the facility operation for customer use. Renovations should not be done that would have the appearance of being excessively luxury from a shareholder perspective.

Entertainment
Entertainment is defined as an activity that an employee or executive would use corporate funds for business development purposes relating to a current customer(s) or prospective customer(s) or to further enhance the Bank's marketing efforts.

All expenses incurred by the Bank would be for Bank purposes, and used to drive business to the Bank. Occasional events such as taking customers or prospects on trips, playing golf, eating dinner, taking them to other events the customer/prospect would find pleasurable is a necessary part of the Bank's marketing efforts.

Conferences
The Bank encourages our staff to attend conferences that are appropriate educational opportunities. These conferences should be related to the financial services industry and have a direct correlation to their job. Typically these conferences are sponsored by vendors, banking associations, or other industry related entities.

Holiday Parties
The holiday parties or get together occasions are part of an employee appreciation process. Holiday parties will be local in geographic nature, and should be reasonable in terms of costs. Events and parties focused on customers for the purpose of attracting their business will not fall under this section of this Policy.

Board Retreates
Board retreats should be used for educational purposes or strategic development purposes, and should be kept in consideration, and looked at in the same view and discretion, as all other expenses. Board education is a vital part of maintaining, and keeping a dynamic director base, and this policy does not limit or restrict a retreat that is focused on strategic planning or education.

Transportation Services
Transportation for Bank staff to outlying locations, including bank locations, conferences, business development purposes and merger and acquisition research, should be conducted in the most cost appropriate way for the Bank. Modes of transportation to be used may consist of vehicle, commercial air service and private air service.

Administration of Policy
The Chief Financial Officer is responsible for the day-to-day administration of this policy, and the Chief Financial Officer is responsible for the overall adherence to this policy. Adherence to this policy is mandated for all Bank employees. Violation of this policy shall be promptly reported to the Board of Directors.