TC-1.1.16
Past version: Effective from 01 Jul 2010 to 31 Dec 2010
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In order to carry out the function of MLRO/DMLRO effectively,
(a) Is a director or a member of senior management of the licensee ;
(b) Has a sufficient level of seniority within the licensee , has the authority to act without interference from business line management and has direct access to the Board and senior management (where necessary);
(c) Has sufficient resources, including sufficient time and (if necessary) support staff, and has designated a replacement (DMLRO) to carry out the function should the MLRO be unable to perform his duties;
(d) Has unrestricted access to all transactional information relating to any financial services provided by the licensee to that customer, or any transactions conducted by the licensee on behalf of a customer;
(e) Is provided with timely information needed to identify, analyse and effectively monitor customer accounts;
(f) Has access to all customer due diligence information obtained by the licensee ; and
(g) Is resident in Bahrain.
Adopted: July 2010