TC-1.1 TC-1.1 Recruitment and Appointments
TC-1.1.1
If a
licensee recruits an individual to undertake acontrolled function, it must satisfy itself, where appropriate, of such individual's relevant qualifications and experience.October 2010TC-1.1.2
A
licensee proposing to recruit an individual has to satisfy itself, of his/her relevant qualifications and experience. Thelicensee should:(a) Take into account the knowledge and skills required for the role, in addition to the nature and the level of complexity of thecontrolled function ; and(b) Take reasonable steps to obtain sufficient information about the individual's background, experience, training and qualifications.October 2010TC-1.1.3
Individuals occupying the following
controlled functions (refer to Paragraphs AU-1.2.5 to AU-1.2.10) at alicensee must be qualified and suitably experienced for their specific roles and responsibilities:(a)Director ;(b)Chief Executive orGeneral Manager ;(c)Head of function ;(d)Compliance officer ; and(e)Money Laundering Reporting Officer ('MLRO').October 2010TC-1.1.4
A
licensee must take reasonable steps to ensure that individuals holdingcontrolled 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 2010Director
TC-1.1.5
As individuals,
directors of alicensee must hold professional qualifications and/or have relevant experience outlined in Appendix TC-1 as a minimum.October 2010TC-1.1.6
The role of the
director is to be accountable and responsible for the management and performance of thelicensee , and is outlined in more details in Section HC-1.1.October 2010TC-1.1.7
When taken as a whole, the board of
directors of alicencee 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 2010Chief Executive or General Manager
TC-1.1.8
Individuals holding the position of
chief executive officer or equivalent at alicensee must hold relevant qualifications and relevant experience as outlined in Appendix TC-1 as a minimum.October 2010TC-1.1.9
The
chief executive officer orgeneral manager (as appropriate) is responsible for the executive management and performance of thelicensee within the framework or delegated authorities set by the Board.October 2010Head of Function
TC-1.1.10
Individuals holding the position of
head of function at alicensee must hold relevant professional qualifications and experience as outlined in Appendix TC-1 as a minimum.October 2010TC-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 2010Compliance Officer
TC-1.1.12
Individuals holding the position of
compliance officer at alicensee must hold relevant experience and qualifications as outlined in Appendix TC-1 as a minimum.October 2010TC-1.1.13
In accordance with Paragraph HC-2.4.3, an employee of appropriate standing must be designated by
licensees for the position ofcompliance officer . The duties of thecompliance officer include:(a)Having responsibility for oversight of thelicensee's compliance with the requirements of the CBB; and(b)Reporting to thelicensee's Board in respect of that responsibility.October 2010Money 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
