EN-5.2 EN-5.2 CBB Policy
EN-5.2.1
The CBB is conscious of the impact that assessing someone as not "fit and proper" may have on an individual. Such assessments are carefully reviewed in the light of all relevant facts. The criteria used in reaching a decision include the following:
(a) the extent to which the factors set out in Chapter LR-1A have not been met;(b) the extent to which the person has deliberately or recklessly breached requirements of the CBB Law or Volume 2 (Islamic Banks);(c) the person's past compliance record and conduct following any such contravention;(d) the length of time since factors indicating a lack of fitness or propriety occurred; and(e) the risk the person poses to licensees and their customers.Amended: October 2010
Added: October 2007EN-5.2.2
In assessing evidence, the CBB applies a lower threshold than is applied in a criminal court of law, reflecting generally, the administrative nature of the sanction. The CBB may also take into account the cumulative effect of factors which, when considered individually, may not in themselves be sufficient to justify an adverse "fit and proper" finding.
Amended: July 2018
Amended: October 2010
Added: October 2007EN-5.2.3
The CBB may also take into account the particular function being undertaken in the licensee by the individual concerned, and the size and nature of the licensee itself, particularly when assessing the suitability of a person's experience or qualifications. Thus, the fact that a person was deemed "fit and proper" for a particular position in a particular firm does not necessarily mean he would be suitable in a different position or in a different firm.
Amended: October 2010
Added: October 2007EN-5.2.4
The CBB may carry out re-assessment tests in case of individuals deemed to be responsible for serious or repeated violations. See Appendix A.
Added: July 2018
