FC-4.1.4

Past version: Effective from 01 Oct 2007 to 30 Sep 2009
To view other versions open the versions tab on the right

Subject to Paragraph FC-4.1.2, however, the position of MLRO may otherwise be combined with other functions in the Islamic bank licensee, such as that of Compliance Officer, in cases where the volume and geographical spread of the business is limited and, therefore, the demands of the function are not likely to require a full time resource. Paragraph FC-4.1.6 requires that the MLRO is a Director or employee of the licensee, so the function may not be outsourced to a third party employee.

October 07