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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.
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.
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 licensee'sG business, the broader industry and its regulatory environment; and
(c) The relevant experience and qualifications to fulfill their responsibilities.
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 licenseeG ; and
(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.
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 licenseeG dealing directly with customers; and
(c) Have a thorough knowledge of the financial industry and be familiar with relevant FATF and applicable domestic regulatory requirements.
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.
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.
January 2014
 Versions
(1 Version)
 
Jan 1 2014 onwards
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