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"In 2020, we conducted due diligence reviews of 284 clients and transactions in line with the procedures defined by our ES Policy Framework. These reviews resulted in eight refusals. In one case, the business relationship was suspended during the independent investigation but was reinitiated afterward (see Case Study). Allegation of use of child labour

We were notified, that one of our market counterparties, a large trader of precious metals, had been accused of sourcing metal from suppliers who may have used child labour in the production process. Following these allegations, we immediately suspended new business activities with the counterparty and initiated an internal review. The review involved numerous interactions with the counterparty and discussions of the ongoing business relationship in line with our reputational risk process. The business relationship was only recommenced following completion of an independent review that concluded the counterparty had suitable systems and processes in place to prevent the use of child labour in its supply chain. However, the review included a set of improvement measures, to which the client agreed. Our ongoing business relationship therefore remains subject to the client demonstrating progress in implementing these measures."