The Financial Services Commission brought several amendments with regards to the Competency Standards in June 2022 and it concerns mainly the competency requirements for the appointment of Money Laundering Reporting Officer, Deputy Money Laundering Reporting Officer and Compliance Officer. The amended competency requirements are as follows:
- The Officers 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 certification.
- Notwithstanding the above, for the purpose of **Section 4.6 of the Competency Standards, the Officers shall demonstrate a minimum of 10 years of relevant experience in the industry
- Officers must achieve a minimum of 10 hours as structured ***CPD every year.
The amendments have taken effect on 1st June 2022 and are applicable for all MLROs ,Deputy MLROs and Compliance Officers.
* AML/CFT certification:
The following AML/CFT certification may be considered: the Financial Services Institute (FSI), the Certified Anti-Money Laundering Specialist (ACAMS), the International Compliance Association (ICA) or any other certifications meeting the global AML/CFT requirement standards which may be considered by the Commission.
**Extract from the Competency Standards:
4.6 In the event that a person does not hold the minimum qualification or other comparable qualification, the Commission may consider, on a case-by-case basis, whether the person has sufficient relevant experience to demonstrate the required competency level.
*** CPD – Continued Professional Development