• HC-6.3 HC-6.3 Titles, Authorities, Duties and Reporting Responsibilities

    • HC-6.3.1

      Licensees must maintain clearly documented and communicated staff responsibilities and reporting lines.

      October 2019

    • HC-6.3.2

      For the purposes of Rule HC-6.3.1, licensees should maintain and document their delegated authority structure as well as written terms of reference for staff positions.

      October 2019

    • HC-6.3.3

      For the purpose of Paragraph HC-6.3.1, the responsibilities and reporting lines must among other matters include the following:

      (a) The CEO must have authority to act generally in the licensee's name, representing the licensee's interests in concluding transactions on the licensee's behalf and giving instructions to other approved persons and licensee employees;
      (b) The chief financial officer must be responsible and accountable for:
      (i) The complete, timely, reliable and accurate preparation of the licensee's financial statements, in accordance with the accounting standards and policies of the licensee (see HC-3.4.1); and
      (ii) Presenting the Board with a balanced and understandable assessment of the licensee's financial situation;
      (c) The internal auditor's (see HC-6.4) duties must include providing an independent and objective review of the efficiency of the licensee's operations. This would include a review of the accuracy and reliability of the licensee's accounting records and financial reports as well as a review of the adequacy and effectiveness of the licensee's risk management, control, and governance processes; and
      (d) The compliance officer's (see HC-6.5) duties include maintaining effective systems and MLRO controls for compliance with applicable requirements in the Kingdom's legislation and those set by the CBB, and those established under any other statute or regulator to which they are subject.
      October 2019

    • HC-6.3.4

      The Board must also specify any limits which it wishes to set on the authority of the CEO or other senior managers, such as monetary maximums for transactions which they may authorize without separate Board approval.

      October 2019