FSC change in competency standard
On 09 June 2022, the Financial Services Commission (“FSC”) has amended the Competency Standards relating to the appointment of the Compliance Officer, the Money Laundering Reporting Officer (“MLRO”) and Deputy MLRO (“DMLRO”), as follows:
- Competency Standards have been established for the role of “Compliance Officer”. Prior to this amendment, the Competency Standards only catered for the MLRO and the DMLRO.
- The Compliance Officer, MLRO and DMLRO shall hold relevant experience of at least 5 years in the industry. Alternately, the FSC may consider relevant experience of at least 3 years in the industry, subject to the submission of relevant and valid AML/CFT professional certifications such as Association of Certified Anti-Money Laundering Specialist (ACAMS), Financial Services Institute (FSI), International Compliance Association (ICA) or any other certifications that meet the global AML/CFT requirement standards.
- In cases where the Compliance Officer, MLRO and DMLRO do not possess the relevant required qualification, they will need to demonstrate a minimum of 10 years of experience in the industry.
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