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  • General Requirements

    • CRA-1.7.1

      Licensees must obtain the CBB's prior written approval in relation to any person wishing to undertake a controlled function in a licensee. The approval from the CBB must be obtained prior to their appointment.

      Amended: April 2023
      Added: April 2019

    • CRA-1.7.2

      Controlled functions are those functions occupied by board members and persons in executive positions and include:

      (a) Director;
      (b) Chief Executive or General Manager;
      (c) Head of function;
      (d) Chief Information Security Officer;
      (e) Compliance Officer; and
      (f) Money Laundering Reporting Officer (MLRO).
      Added: April 2019

    • CRA-1.7.3

      [This Paragraph was deleted in April 2023].

      Deleted: April 2023
      Added: April 2019

    • CRA-1.7.4

      [This Paragraph was deleted in April 2023].

      Deleted: April 2023
      Added: April 2019

    • CRA-1.7.5

      The CBB may grant an exemption from appointment of some of the controlled functions contained in Paragraph CRA-1.7.2, provided the licensee appoints at least the following controlled functions (i) Directors, (ii) Chief Executive or General Manager, (iii) Compliance Officer and (iv) Money Laundering Reporting Officer.

      Amended: April 2023
      Added: April 2019

    • CRA-1.7.6

      Pursuant to CRA-1.7.5, a licensee seeking exemption from appointment of persons to specific controlled functions should provide in writing to the satisfaction of the CBB:

      (a) Nature, scale and complexity of their business and how performance of the controlled function to which no appointment is to be made will be managed;
      (b) Provide alternative arrangements which should ensure sound and prudent management and adequate consideration to the interest of clients and the integrity of the market; and
      (c) Confirmation that the individual entrusted with additional responsibilities pertaining to a controlled function is of sufficient good repute, possesses sufficient knowledge, skill and experience and ability to commit sufficient time to discharge the additional responsibility.
      Amended: April 2023
      Added: April 2019