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) TheCapital 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) TheCapital 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 2010AML-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 2010AML-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 2010AML-5.1.4
Capital Market Licensees must ensure that their AML/CFT training for relevant staff remains up-to-date and is appropriate given theCapital Market Licensee 's activities and customer base.Amended: January 2022
Added: October 2010AML-5.1.5
The CBB would normally expect AML/CFT training to be provided to relevant staff at least once a year.
October 2010AML-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 byCapital Market Licensees .Amended: January 2022
Amended: July 2016
Added: October 2010AML-5.1.6A
[This Paragraph was deleted in January 2022].
Deleted: January 2022
Added: January 2021