AML/CFTR 2.3.5 Role of Deputy MLRO
(1) The Deputy MLRO for a firm acts as the firm's MLRO during absences of the MLRO and whenever there is a vacancy in the MLRO's position.
(2) When the Deputy MLRO acts as MLRO, these rules apply in relation to the Deputy MLRO as if the Deputy MLRO were the MLRO.
(3) However, to remove any doubt, rule 2.3.2 (2) (Eligibility to be MLRO or Deputy MLRO) does not apply in relation to the Deputy MLRO of a QFC insurer (other than a QFC captive insurer) that is a company incorporated under the Companies Regulations 2005 or a QFC bank when the Deputy MLRO acts as MLRO.
|Derived by QFCRA RM/2019-8 (as from 1st February 2020)|