AXA has a Compliance and Ethics Guide (the "Guide") that applies to all of its worldwide employees and subsidiaries. All senior officers across the Group are required to formally certify their compliance with the Guide on an annual basis. Any breach of the Guide by any employee is required to be reported; in 2013 five such breaches were reported.These breaches covered various areas of the Guide regarding business conduct and compliance with AXA policies.All breaches were carefully reviewed and appropriate responsive actions taken but none was material to the AXA Group from a financial, internal controls or other perspective.

In addition, the AXA Group seeks to uphold the values set forth in the AXA Vision.

Most of AXA's principal operating subsidiaries have developed ethical guidelines that comply with local regulatory and statutory requirements.

AXA is firmly committed to combating money laundering and terrorist financing. This commitment is enshrined in a charter first drawn up in 2002, which was approved by the Management and Supervisory Boards. In line with this charter, each entity is required to introduce procedures based on certain general principles, on top of applicable local regulations, and to appoint an anti-money laundering officer. The "know your customer" principle is crucial in this respect, and is fundamental to all transactions. The Group Charter is reviewed and adjusted on a regular basis by taking into account international legal and regulatory developments.

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