• AML-5.1 AML-5.1 General Requirements

    • AML-5.1.1

      Capital Market Licensees must take reasonable steps to provide periodic training and information to ensure that staff who handle customer transactions, or are managerially responsible for such transactions, are made aware of:

      (a) Their responsibilities under the AML Law, this Module, and any other relevant AML/CFT laws and regulations;
      (b) The identity and responsibilities of the MLRO and his deputy;
      (c) The potential consequences, both individual and corporate, of any breach of the AML Law, this Module and any other relevant AML/CFT laws or regulations;
      (d) The Capital Market Licensee's current AML/CFT policies and procedures;
      (e) Money Laundering and terrorist financing typologies and trends;
      (f) The type of customer activity or transaction that may justify an internal report in accordance with section AML-4.1;
      (g) The Capital Market Licensee's procedures for making an internal report as per section AML-4.1; and
      (h) Customer due diligence measures with respect to establishing business relations with customers.
      Amended: January 2022
      Added: October 2010

    • AML-5.1.2

      The information referred to in rule AML-5.1.1 must be brought to the attention of relevant new employees of Capital Market Licensees and must remain available for reference by staff during their period of employment.

      Amended: January 2022
      Added: October 2010

    • AML-5.1.3

      Relevant new employees must be given AML/CFT training within three months of joining a Capital Market Licensee.

      Amended: January 2022
      Added: October 2010

    • AML-5.1.4

      Capital Market Licensees must ensure that their AML/CFT training for relevant staff remains up-to-date and is appropriate given the Capital Market Licensee's activities and customer base.

      Amended: January 2022
      Added: October 2010

    • AML-5.1.5

      The CBB would normally expect AML/CFT training to be provided to relevant staff at least once a year.

      October 2010

    • AML-5.1.6

      Capital Market Licensees must develop adequate screening procedures to ensure high standards when hiring employees. These procedures must include controls to prevent criminals or their associates from being employed by Capital Market Licensees.

      Amended: January 2022
      Amended: July 2016
      Added: October 2010

    • AML-5.1.6A

      [This Paragraph was deleted in January 2022].

      Deleted: January 2022
      Added: January 2021