On 9 June 2022, the Financial Services Commission (FSC) communicated several updates brought to its Competency Standards. Aligned with international best practices, the Competency Standards - initially published in 2014 - aims at providing the minimum technical competencies required by licensees, its officers and employees engaged in the provision of advice, intermediaries services as well as involved in management and control function.

The recent amendments brought to the Competency Standards updates the competency requirements for the appointment of a Money Laundering Reporting Officer (MLRO) and/or a Deputy MLRO, and sets out the requirements for a Compliance Officer (together referred to as “Officers"). The salient competency requirements for the Officers 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

They must achieve a minimum of 10 hours as structured CPD every year.

These amendments have taken effect on 1 June 2022 and are applicable for all new MLROs, Deputy MLROs and Compliance Officers.

Access the updated Competency Standards here

*Valid certifications: 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 may be considered by the FSC