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  • General Requirement

    • AU-1.2.1

      Licensees must obtain the CBB's prior written approval for any person wishing to undertake a controlled function at a licensee. The approval from the CBB must be obtained prior to their appointment.

      Amended: January 2016
      January 2013

    • AU-1.2.2

      Controlled functions are those functions occupied by board members and persons in executive positions and include:

      (a) Member of the Board of Directors;
      (b) Chief Executive or General Manager and their Deputies;
      (c) Head of function;
      (d) Compliance Officer;
      (e) Money Laundering Reporting Officer (MLRO); and
      (f) Head of Shari'a review.
      Amended: January 2016
      Amended: April 2014
      January 2013

    • AU-1.2.3

      Prior approval is required for controlled functions (a), (b), (c), (d) and (e). Controlled functions (d) and (e) may be combined, however (see also FC-4.1, regarding the MLRO function). Controlled function (f) does not require prior approval instead, notification only is required, once the person concerned has accepted to undertake that function.

      January 2013