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  • HC-6.5 HC-6.5 Compliance/MLRO

    • HC-6.5.1

      Licensees must take reasonable care to establish and maintain effective systems and 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-6.5.2

      Depending on the nature, scale and complexity of its business, licensees should consider having a separate compliance function. A compliance function should:

      (a) Document its organisation and responsibilities;
      (b) Be appropriately staffed with competent individuals;
      (c) Have unrestricted access to the licensees' relevant records; and
      (d) Have ultimate recourse to the Board.
      October 2019

    • HC-6.5.3

      The compliance function/MLRO must not be combined with the internal audit function or any other operational function as such combination may lead to a conflict of interest.

      October 2019