Back Custom print Link Text Only Rich Text Print

  • TC-1.1 TC-1.1 Controlled Functions

    • TC-1.1.1

      Individuals occupying controlled functions (refer to Section AU-1.2) in a licensee must be qualified and suitably experienced for their specific roles and responsibilities. The controlled functions are those of:

      (a) Board Member;
      (b) Chief Executive or General Manager;
      (c) Head of function;
      (d) Compliance Officer;
      (e) Money Laundering Reporting Officer ('MLRO'); and
      (f) Head of Shari'a Review
      January 2014

    • TC-1.1.2

      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.

      January 2014

    • TC-1.1.3

      Competence is assessed by the CBB 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.

      January 2014

    • Board Member

      • TC-1.1.4

        Board Members collectively are responsible for the business performance and strategy of the licensee, as outlined in more details in Section HC-1.2.

        January 2014

      • TC-1.1.5

        When taken as a whole, the board of directors of a licensee must be able to demonstrate that it has the necessary skills and expertise, as outlined in Paragraph HC-1.2.10.

        January 2014

    • Chief Executive or General Manager

      • TC-1.1.6

        The chief executive or general manager (as appropriate) are responsible for the executive management and performance of the licensee within the framework or delegated authorities set by the Board. The scope of authority of the CEO is outlined in more detail in Paragraph HC-6.3.2 (a).

        January 2014

    • Head of Function

      • TC-1.1.7

        Heads of function, where risk acquisition or control is involved, are responsible for tracking specific functional performance goals in addition to identifying, managing, and reporting critical organisational issues upstream. Certain functions require dealing directly with clients while others do not. Both categories of functions, however, require specific qualifications and experience to meet the objectives as well as compliance requirements of the financing company licensee.

        January 2014

      • TC-1.1.8

        For purposes of Paragraph TC-1.1.7, licensees should contact the CBB should they require further clarification on whether a specific position falls under the definition of "Heads of Function".

        January 2014

    • Compliance Officer

      • TC-1.1.9

        In accordance with Paragraph AU-1.2.12, an employee of appropriate standing must be designated by the licensee 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 other applicable laws and regulations;
        (b) Raising awareness and providing training for the licensee s staff on compliance issues; and
        (c) Reporting to the licensee s Board in respect of that responsibility.
        January 2014

    • Money Laundering Reporting Officer (MLRO)

      • TC-1.1.10

        The attributes and responsibilities of the MLRO are described more fully in Paragraphs FC-4.1.7 and FC-4.2.1.

        January 2014

    • Head of Shari'a Review

      • TC-1.1.11

        The head of Shari'a review in a licensee, dealing with Islamic products and services, is responsible for the examination of the extent of a licensee's compliance, in all its activities, with the Shari'a. This examination includes contracts, agreements, policies, products, transactions memorandum and articles of association, financial statements, reports (especially internal audit and central bank inspection), circulars, etc. The objective of the Shari'a review is to ensure that the activities carried out by a licensee do not contravene the Shari'a.

        January 2014