Financial regulator issues updates to ‘Competency Standards’

After it initially issued, on 27 October 2014, the Competency Standards as part of its “Fair Market Conduct Programme”,the Financial Services Commission (FSC) has updated the current Competency Standards.

The purpose of the Competency Standards is to provide an indication to the financial institutions on how to demonstrate and maintain the minimum technical competencies for some specific positions.

In line with the requirements of the Financial Intelligence and Anti-Money Laundering Regulations and current market practices/requirements, the FSC has updated the current Competency Standards to assist financial institutions when considering the appointment of a Money Laundering Reporting Officer (“MLRO”), a Deputy MLRO and a Compliance Officer.

The following tables have hereby been amended/included in the updated Competency Standards:

•   Amended – Competency Table 16: Money Laundering Reporting Officer;
•   Included – Competency Table 17: Compliance Officer.