See the following code:
<div style="background-color: #fff; border: 1px solid #000;">
<OBJECT CLASSID="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" WIDTH="214" HEIGHT="200" CODEBASE="http://active.macromedia.com/flash5/cabs/swflash.cab#version=5,0,0,0">
<PARAM NAME="MOVIE" VALUE="http://banner.example.com/banner.swf">
<PARAM NAME="PLAY" VALUE="true">
<PARAM NAME="LOOP" VALUE="true">
<PARAM NAME="QUALITY" VALUE="high">
<PARAM NAME="SCALE" value="noborder">
<EMBED SRC="http://banner.example.com/banner.swf" WIDTH="214" HEIGHT="200" PLAY="true" LOOP="true"
QUALITY="high" scale="noborder"
PLUGINSPAGE="http://www.macromedia.com/shockwave/download/index.cgi?P1_Prod_Version=ShockwaveFlash"
allowscriptaccess="always"></EMBED>
</OBJECT>
</div>The most important is allowscriptaccess="always" option. This make clickable flash programmed links on banner.