HC-3.2 HC-3.2 Requirement for and approval of a compliance officer/manager
HC-3.2.1
All banks must appoint a senior member of staff with responsibility for the management of compliance risk as their Compliance Officer/Manager.
October 07HC-3.2.2
The compliance function must be independent (i.e. it must not be placed in a position where its other duties or responsibilities may cause a conflict of interest with its compliance risk management responsibilities). Therefore the compliance function must be separate from the internal audit function. The compliance officer or manager may however, perform other limited related compliance roles (e.g. the MLRO or legal advisor), subject to the Central Bank's prior approval.
October 07HC-3.2.3
The compliance officer/manager must be appropriately qualified and experienced and the compliance function must have adequate resources to carry out its functions effectively.
October 07HC-3.2.4
The appointment of a compliance manager/officer requires the Central Bank's prior approval and the submission of the appointee's Personal Questionnaire (Appendix LR 2) and Curriculum Vitae to the Central Bank. The bank must also outline how the compliance function fits into the bank's senior management reporting structure, and must give details of relevant reporting lines within the bank.
October 07HC-3.2.5
In the case of locally incorporated banks, the compliance officer/manager must have access to the Board of Directors in addition to the senior management.
October 07
