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  • General Requirement

    • HC-2.1.1

      All persons wishing to undertake a controlled function in a conventional bank licensee must be approved by the BMA prior to their appointment (subject to the variations contained in Rule HC-2.1.3).

    • HC-2.1.2

      Controlled functions are those of:

      (a) Director;
      (b) Chief Executive Officer or General Manager;
      (c) Senior Manager;
      (d) Compliance officer;
      (e) Money Laundering Reporting Officer; and
      (f) Financial Instruments Trader.

    • HC-2.1.3

      Prior approval is required for controlled functions (a), (b), (c), (d) and (e). Controlled functions (d) and (e) may be combined, however (see also FC-4.1, regarding the MLRO function). Controlled function (f) does not require prior approval: instead, notification only is required, once the person concerned has accepted to undertake that function.