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  • FC-4.2 FC-4.2 Responsibilities of the MLRO

    • FC-4.2.1

      The MLRO is responsible for:

      (a) establishing and maintaining the Islamic bank licensee's AML/CFT policies and procedures;
      (b) ensuring that the licensee complies with the AML Law and any other applicable AML/CFT legislation and regulations;
      (c) ensuring day-to-day compliance with the licensee's own internal AML/CFT policies and procedures;
      (d) acting as the Islamic bank licensee's main point of contact in respect of handling internal suspicious transactions reports from the licensee's staff (refer to Section FC-5.1) and as the main contact for the Financial Intelligence Unit, the BMA and other concerned bodies regarding AML/CFT;
      (e) making external suspicious transactions reports to the Anti-Money Laundering Unit and Compliance Unit (refer to Section FC-5.2);
      (f) taking reasonable steps to establish and maintain adequate arrangements for staff awareness and training on AML/CFT matters (whether internal or external), as per Chapter FC-5;
      (g) producing annual reports on the effectiveness of the licensee's AML / CFT controls, for consideration by senior management, as per Paragraph FC-4.3.3;
      (h) on-going monitoring of what may, in his opinion, constitute high-risk customer accounts; and
      (i) maintaining all necessary CDD, transactions, STR and staff training records for the required periods (refer to Section FC-7.1).