BC-1.1 BC-1.1 General Rules
BC-1.1.1
This Module applies to all
licensees .October 2010BC-1.1.2
This Module aims to encourage high standards of business conduct, which are broadly applicable to all
licensees , all types ofregulated money changer services , and all types ofcustomers .October 2010BC-1.1.3
Licensees must comply with theMoney Changers' Business Code of Practice ('the Code' ), under Chapter 2 of this Module, throughout the lifetime of their relationship with acustomer .October 2010BC-1.1.4
Licensees must take responsibility for compliance with theCode by all persons carrying outregulated money changer services on their behalf.Licensees must put in place appropriate measures across all their business operations to ensure compliance with theCode .October 2010BC-1.1.5
The Business
Code of Practice comprises a number of overarching principles of business conduct, with respect to the conduct ofregulated money changer services bylicensees ; these cover the various stages of the life of acustomer relationship.October 2010BC-1.1.6
Licensees must maintain adequate records to demonstrate compliance with theCode .October 2010BC-1.1.7
The
Code focuses on desired outcomes, rather than prescribing detailed measures to achieve those outcomes.October 2010BC-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 existingCode .October 2010