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  • TC-1 TC-1 Recruitment and Assessing Competence

    • TC-1.1 TC-1.1 Recruitment and Appointments

      • TC-1.1.1

        If a licensee recruits an individual to undertake a controlled function, it must satisfy itself, where appropriate, of such individual's relevant qualifications and experience.

        October 2010

      • TC-1.1.2

        A licensee proposing to recruit an individual has to satisfy itself, of his/her relevant qualifications and experience. The licensee should:

        (a) Take into account the knowledge and skills required for the role, in addition to the nature and the level of complexity of the controlled function; and
        (b) Take reasonable steps to obtain sufficient information about the individual's background, experience, training and qualifications.
        October 2010

      • TC-1.1.3

        Individuals occupying the following controlled functions (refer to Paragraphs AU-1.2.5 to AU-1.2.10) at a licensee must be qualified and suitably experienced for their specific roles and responsibilities:

        (a) Director;
        (b)Chief Executive or General Manager;
        (c) Head of function;
        (d)Compliance officer; and
        (e) Money Laundering Reporting Officer ('MLRO').
        October 2010

      • TC-1.1.4

        A licensee must take reasonable steps to ensure that individuals holding controlled functions are sufficiently knowledgeable about their respective fields of work to be able to guide and supervise operations that fall under their responsibilities. Competence must be assessed on the basis of experience and relevant qualifications described in Appendix TC-1 as a minimum. However, the CBB reserves the right to impose a higher level of qualifications as it deems necessary.

        October 2010

      • Director

        • TC-1.1.5

          As individuals, directors of a licensee must hold professional qualifications and/or have relevant experience outlined in Appendix TC-1 as a minimum.

          October 2010

        • TC-1.1.6

          The role of the director is to be accountable and responsible for the management and performance of the licensee, and is outlined in more details in Section HC-1.1.

          October 2010

        • TC-1.1.7

          When taken as a whole, the board of directors of a licencee must be able to demonstrate that it has the necessary expertise, as outlined in Paragraphs HC-1.2.4 and HC-1.2.5.

          October 2010

      • Chief Executive or General Manager

        • TC-1.1.8

          Individuals holding the position of chief executive officer or equivalent at a licensee must hold relevant qualifications and relevant experience as outlined in Appendix TC-1 as a minimum.

          October 2010

        • TC-1.1.9

          The chief executive officer or general manager (as appropriate) is responsible for the executive management and performance of the licensee within the framework or delegated authorities set by the Board.

          October 2010

      • Head of Function

        • TC-1.1.10

          Individuals holding the position of head of function at a licensee must hold relevant professional qualifications and experience as outlined in Appendix TC-1 as a minimum.

          October 2010

        • TC-1.1.11

          Heads of functions are responsible for tracking specific functional performance goals in addition to identifying, managing, and reporting critical organisational issues upstream.

          October 2010

      • Compliance Officer

        • TC-1.1.12

          Individuals holding the position of compliance officer at a licensee must hold relevant experience and qualifications as outlined in Appendix TC-1 as a minimum.

          October 2010

        • TC-1.1.13

          In accordance with Paragraph HC-2.4.3, an employee of appropriate standing must be designated by licensees for the position of compliance officer. The duties of the compliance officer include:

          (a)Having responsibility for oversight of the licensee's compliance with the requirements of the CBB; and
          (b)Reporting to the licensee's Board in respect of that responsibility.
          October 2010

      • Money Laundering Reporting Officer (MLRO)

        • TC-1.1.14

          Individuals holding the position of MLRO at a licensee, whose attributes and responsibilities are described more fully in Paragraphs FC-4.1.7 and FC-4.2.1, must hold relevant qualifications as outlined in Appendix TC-1 as a minimum.

          October 2010

    • TC-1.2 TC-1.2 Assessing Competence

      • TC-1.2.1

        Licensees must not allow an individual to undertake or supervise controlled functions unless that individual has been assessed by the licensee as competent in accordance with this Section.

        October 2010

      • TC-1.2.2

        In the case of new personnel, the licensees should ensure that they work under proper supervision. Where a person is working towards attaining a level of competence, they should be supervised by a competent person until they can demonstrate the appropriate level of competence. It is the licensees's responsibility to ensure that such arrangements are in place and working successfully.

        October 2010

      • TC-1.2.3

        In determining an individual's competence, licensees may assess if the person is fit and proper in accordance with Chapter AU-3.

        October 2010

      • TC-1.2.4

        Licensees will assess individuals as competent when they have demonstrated the ability to apply the knowledge and skills required to perform a specific controlled function without supervision.

        October 2010

      • TC-1.2.5

        The assessment of competence will be dependent on the nature and the level of complexity of the controlled function. Such assessment of competence of new personnel may take into account the fact that an individual has been previously assessed as competent in a similar controlled function with another licensee.

        October 2010

      • TC-1.2.6

        If a licensee assesses an individual as competent in accordance with TC-1.2.4 to perform a specific controlled function it does not necessarily mean that the individual is competent to undertake other controlled functions.

        October 2010

      • TC-1.2.7

        A firm should use methods of assessment that are appropriate to the controlled function and to the individual's role.

        October 2010