{"id":2098,"date":"2022-08-02T11:59:00","date_gmt":"2022-08-02T07:59:00","guid":{"rendered":"https:\/\/www.archglobalconsult.com\/?p=2098"},"modified":"2022-08-04T17:07:56","modified_gmt":"2022-08-04T13:07:56","slug":"amendments-to-competency-standards-with-respect-to-money-laundering-reporting-officer-and-compliance-officer","status":"publish","type":"post","link":"https:\/\/www.archglobalconsult.com\/amendments-to-competency-standards-with-respect-to-money-laundering-reporting-officer-and-compliance-officer\/","title":{"rendered":"Amendments to Competency Standards with respect to Money Laundering Reporting Officer and Compliance Officer"},"content":{"rendered":"\n<p>The Financial Services Commission\nbrought several amendments with regards to the Competency Standards in June\n2022 and it concerns mainly the competency requirements for the appointment of\nMoney Laundering Reporting Officer, Deputy Money Laundering Reporting Officer\nand Compliance Officer. The amended competency requirements are as follows:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The Officers shall hold relevant experience of\nat least 5 years in the industry; <\/li><li>Alternately, the FSC may consider relevant\nexperience of at least 3 years in the industry, subject to the submission of\nrelevant and valid *AML\/CFT professional certification. <\/li><li>Notwithstanding the above, for the purpose of **Section\n4.6 of the Competency Standards, the Officers shall demonstrate a minimum of 10\nyears of relevant experience in the industry<\/li><li>Officers must achieve a minimum of 10 hours as\nstructured ***CPD every year.<\/li><\/ul>\n\n\n\n<p>&nbsp;The amendments have taken effect on 1<sup>st<\/sup>\nJune 2022 and are applicable for all MLROs ,Deputy MLROs and Compliance\nOfficers.<\/p>\n\n\n\n<p><strong>* AML\/CFT certification:<\/strong><\/p>\n\n\n\n<p>The following AML\/CFT certification\nmay be considered: the Financial Services Institute (FSI), the Certified\nAnti-Money Laundering Specialist (ACAMS), the International Compliance\nAssociation (ICA) or any other certifications meeting the global AML\/CFT\nrequirement standards which may be considered by the Commission.<\/p>\n\n\n\n<p><strong>**Extract from the Competency\nStandards:<\/strong><\/p>\n\n\n\n<p>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. <\/p>\n\n\n\n<p><strong>*** CPD \u2013 Continued Professional Development<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2099,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.archglobalconsult.com\/wp-json\/wp\/v2\/posts\/2098","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.archglobalconsult.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.archglobalconsult.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.archglobalconsult.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.archglobalconsult.com\/wp-json\/wp\/v2\/comments?post=2098"}],"version-history":[{"count":2,"href":"https:\/\/www.archglobalconsult.com\/wp-json\/wp\/v2\/posts\/2098\/revisions"}],"predecessor-version":[{"id":2120,"href":"https:\/\/www.archglobalconsult.com\/wp-json\/wp\/v2\/posts\/2098\/revisions\/2120"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.archglobalconsult.com\/wp-json\/wp\/v2\/media\/2099"}],"wp:attachment":[{"href":"https:\/\/www.archglobalconsult.com\/wp-json\/wp\/v2\/media?parent=2098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.archglobalconsult.com\/wp-json\/wp\/v2\/categories?post=2098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.archglobalconsult.com\/wp-json\/wp\/v2\/tags?post=2098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}