• General Rule 14. General Rule 14. Competence, Training and Supervision

    • General Rule 14.1 Application

      This General Rule 14 applies to a Licensed Firm.

      Amended (as from 23rd September 2014)

    • General Rule 14.2 General Rule 14.2 Suitability and Competence

      • General Rule 14.2.1

        A Licensed Firm should carry out appropriate investigations as to skill, experience, background and qualifications of that individual having regard to the nature and complexity of the relevant Registered Function in the context of the Non-Regulated Activities carried on by the Licensed Firm.

      • General Rule 14.2.2

        A Licensed Firm may not assess an individual as competent to perform the Money Laundering Reporting Function unless it is satisfied that the individual has adequate knowledge of the AML Regulations and AML Rules.

      • General Rule 14.2.3

        A Licensed Firm may not assess an individual as competent to perform the Money Laundering and Terrorist Financing Reporting Function unless it is satisfied that the individual has adequate knowledge of the AML/CFT Law and the AML/CFT Rules.

        Amended by QFC Rules 2011-1 (as from 3rd October 2011)

    • General Rule 14.3 Training and Supervision

      A Licensed Firm must implement appropriate procedures to ensure that an individual it has assessed as competent is and remains competent taking into account the functions they perform and any changes to the products and services offered by the Licensed Firm and the types of Client with which the Licensed Firm deals.