Appendix TC-1 Qualifications and Core Competencies of Controlled Functions
| Role | Core Competencies | How can competence be demonstrated? |
| Board Member |
Board Members must have:
(a) Sufficient experience to demonstrate sound business decision-making; and
(b) A good understanding of the industry and its regulatory environment.
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Competence is demonstrated by:
(a)
(i) Holding a Bachelor's Degree; and
(ii) A minimum experience of 7 years in business or government of which at least 4 years at a senior management level;
OR
(b) A minimum experience of 10 years in business
|
| Chief Executive or General Manager |
These roles require:
(a) A clear understanding of the role and responsibilities associated with this position;
(b) A good understanding of the licensee's business, the wider industry and its regulatory environment;
(c) Relevant experience and qualifications associated with such executive responsibilities; and
(d) The necessary professional and leadership capabilities which qualify him for this position.
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This person should have a minimum experience of 10 years in the financial sector of which at least 7 years at a senior management level in a bank or finance company. He/she should hold a relevant academic/professional qualification, preferably MBA, Masters in finance/accounting/economics or masters in any other subject, or preferably other qualification related to banking, accounting or finance. |
| Head of Function |
This role requires:
(a) A clear understanding of the role and responsibilities associated with the relevant function;
(b) A good understanding of the
(c) The relevant experience and qualifications to fulfill their responsibilities.
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A senior manager responsible for a specialist function should have a minimum experience of 7 years in the banking/financial industry of which at least 5 years of experience in the same function that he/she will be heading. He/she should:
(a) Hold a relevant academic/professional qualification, preferably MBA, Masters in finance/accounting/economics or masters in any other subject, and preferably other qualification related to banking/accounting; and
(b) Have other relevant certification(s) specific to this role. Such certifications may, depending on the function being fulfilled, include but are not limited to:
(a) Chartered Financial Analyst (CFA);
(b) Certificate in Securities and Financial Derivatives;
(c) Certificate in Investment Management;
(d) Professional Certification in Accounting; and/or
(e) Equivalent certificates or qualifications; and/or
(f) Advanced Diploma in Banking/ Islamic Finance or Financial Advisory Program from the BIBF or other institutions.
|
| Compliance Officer |
A Compliance Officer should:
(a) Have the ability and experience to take responsibility for implementing and maintaining compliance policies;
(b) Have the appropriate level of experience to demonstrate independence from other functions within the
(c) Have a thorough understanding of the industry and the applicable regulatory framework.
The level of required competence varies based on the scope, magnitude and complexity of the licensee.
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The Compliance Officer should have a minimum of 3 years relevant experience in a bank, financial institution or financial regulator. He/she should:
(a) Hold a degree from a university at bachelor level or higher or a relevant professional qualification in compliance; and
(b) Have relevant certification(s) specific to this role. Such certifications may include but are not limited to:
(i) International Diploma in Compliance offered by the International Compliance Association; and/or
(ii) International Advanced Certificate in Compliance and Financial Crime offered by the International Compliance Association; and/or
(iii) Any other relevant professional qualification deemed suitable by the CBB. These may include qualifications in areas related to the license.
|
| Money Laundering Reporting Officer (MLRO) |
The MLRO should:
(a) Understand the business and how the Anti-Money Laundering framework applies thereto;
(b) Have the appropriate level of experience to demonstrate independence from staff of the
(c) Have a thorough knowledge of the financial industry and be familiar with relevant FATF and applicable domestic regulatory requirements.
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An MLRO should have a minimum experience of 3 years in anti-money laundering or anti-money laundering related role. The MLRO should:
(a) Hold a degree from a university at bachelor level or higher or a relevant professional qualification; and
(b) Have relevant certification(s) specific to this role. Such certifications may include but are not limited to:
(i) Certified Anti-Money Laundering Specialist Examination (ACAMS); and/ or
(ii) Diploma in Anti-Money Laundering offered by the International Compliance Association; and/ or
(iii) International Diploma in Financial Crime Prevention offered by International Compliance Association; and/or
(iv) International Advanced Certificate in Compliance and Financial Crime offered by the International Compliance Association.
|
| Head of Shari'a Review |
A Head of Shari'a Review should:
(a) Have appropriate level of knowledge in Islamic Finance and Shari'a principles;
(b) Have a good understanding of the banking/financial industry and possess good knowledge of economics and finance; and
(c) Understand how to interpret financial statements.
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The Head of Shari'a Review should have a minimum of 5 years relevant experience in a bank or financial institution dealing with Islamic products and services. He/she should:
(a) Hold a bachelor's degree in Shari'a, which includes study in Usul Fiqh (the origin of Islamic law) and/or Fiqh Muamalat (Islamic jurisprudence) or;
(b) Hold a university degree in banking and finance together with a qualification in Shari'a review.
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January 2014