• BC-1 BC-1 Base Requirements

    • BC-1.1 BC-1.1 General Rules

      • BC-1.1.1

        This Module applies to all licensees.

        October 2010

      • BC-1.1.2

        This Module aims to encourage high standards of business conduct, which are broadly applicable to all licensees, all types of regulated money changer services, and all types of customers.

        October 2010

      • BC-1.1.3

        Licensees must comply with the Money Changers' Business Code of Practice ('the Code'), under Chapter 2 of this Module, throughout the lifetime of their relationship with a customer.

        October 2010

      • BC-1.1.4

        Licensees must take responsibility for compliance with the Code by all persons carrying out regulated money changer services on their behalf. Licensees must put in place appropriate measures across all their business operations to ensure compliance with the Code.

        October 2010

      • BC-1.1.5

        The Business Code of Practice comprises a number of overarching principles of business conduct, with respect to the conduct of regulated money changer services by licensees; these cover the various stages of the life of a customer relationship.

        October 2010

      • BC-1.1.6

        Licensees must maintain adequate records to demonstrate compliance with the Code.

        October 2010

      • BC-1.1.7

        The Code focuses on desired outcomes, rather than prescribing detailed measures to achieve those outcomes.

        October 2010

      • BC-1.1.8

        The CBB will monitor compliance with the Code and business conduct standards. If required, the CBB may develop more detailed rules and guidance to supplement the existing Code.

        October 2010