MIR-4.5 MIR-4.5 Systems and Controls
MIR-4.5.1
The business rulebook of an
SRO shall provide sufficient provision and requirements that cover the minimum requirements for maintaining systems and controls that eachmember is required to meet.Adopted January 2010MIR-4.5.2
The
members must maintain systems and controls that are, in the opinion of the CBB, adequate for the scale and complexity of their activities.Adopted January 2010MIR-4.5.3
The
members must maintain adequate segregation of responsibilities in their staffing arrangements, to protect against the misuse of systems or errors. Such segregation should ensure that no single individual has control over all stages of a transaction.Adopted January 2010MIR-4.5.4
The
members must maintain systems and controls that are, in the opinion of the CBB, adequate to address the risks of money laundering and financial crime occurring in themember .Adopted January 2010MIR-4.5.5
As part of the licensing approval process, applicants must demonstrate in their business plan (together with any supporting documentation) what risks their business would be subject to and how they would manage those risks. Applicants may also be asked to provide an independent assessment of the appropriateness of their systems and controls to the CBB.
Adopted January 2010
