{"id":411,"date":"2022-10-27T09:42:05","date_gmt":"2022-10-27T09:42:05","guid":{"rendered":"https:\/\/jtmediahub.com\/news\/?p=411"},"modified":"2022-11-17T05:15:36","modified_gmt":"2022-11-17T05:15:36","slug":"news-2","status":"publish","type":"post","link":"https:\/\/jtmediahub.com\/news\/2022\/10\/27\/news-2\/","title":{"rendered":"Amendments of the Competency Standards"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"411\" class=\"elementor elementor-411\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-635c4228 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"635c4228\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4b25ecc5\" data-id=\"4b25ecc5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7936555d elementor-widget elementor-widget-image\" data-id=\"7936555d\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.10.1 - 17-01-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"224\" src=\"https:\/\/jtmediahub.com\/news\/wp-content\/uploads\/sites\/2\/2022\/10\/Amendments-1920-1024x224.jpg\" class=\"attachment-large size-large wp-image-484\" alt=\"\" srcset=\"https:\/\/jtmediahub.com\/news\/wp-content\/uploads\/sites\/2\/2022\/10\/Amendments-1920-1024x224.jpg 1024w, https:\/\/jtmediahub.com\/news\/wp-content\/uploads\/sites\/2\/2022\/10\/Amendments-1920-300x66.jpg 300w, https:\/\/jtmediahub.com\/news\/wp-content\/uploads\/sites\/2\/2022\/10\/Amendments-1920-768x168.jpg 768w, https:\/\/jtmediahub.com\/news\/wp-content\/uploads\/sites\/2\/2022\/10\/Amendments-1920-1536x336.jpg 1536w, https:\/\/jtmediahub.com\/news\/wp-content\/uploads\/sites\/2\/2022\/10\/Amendments-1920.jpg 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7e26c0e2 elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7e26c0e2\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5d3b4926\" data-id=\"5d3b4926\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-12d9ecb1 elementor-view-framed elementor-shape-square elementor-widget elementor-widget-icon\" data-id=\"12d9ecb1\" data-element_type=\"widget\" data-widget_type=\"icon.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-icon-wrapper\">\n\t\t\t<div class=\"elementor-icon\">\n\t\t\t<i aria-hidden=\"true\" class=\"far fa-newspaper\"><\/i>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1d932b65 elementor-widget elementor-widget-heading\" data-id=\"1d932b65\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.10.1 - 17-01-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">Amendments of the Competency Standards<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7283efd3 elementor-widget elementor-widget-text-editor\" data-id=\"7283efd3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.10.1 - 17-01-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#818a91;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#818a91;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>The Financial Services Commission (FSC) has recently made a few amendments to its Competency Standards. To comply with international rules and regulations, the FSC had initially issued in 2014 the Competency Standards which aims to provide the minimum technical competencies required by financial institutions for specific positions.<\/p><p>The recent updates brought to the Competency Standards have been made with regards to the appointment of a Money Laundering Reporting Officer (\u201cMLRO\u201d), a Deputy MLRO (\u201cDMLRO\u201d) and a Compliance Officer (\u201cCO\u201d), for financial institutions.<\/p><p>The main requirements for these officers are listed below:<\/p><ul><li>In terms of experience, the MLRO, DMLRO and CO shall each hold relevant experience of at least 5 years in the financial industry, or<\/li><\/ul><ul><li>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 such as:<\/li><\/ul><ol><li>The Financial Services Institute (FSI),<\/li><li>The Certified Anti-Money Laundering Specialist (ACAMS),<\/li><li>The International Compliance Association (ICA) or<\/li><li>Any other certifications meeting the global AML\/CFT requirement standards.<\/li><\/ol><ul><li>In the absence of relevant qualification from a recognised institution, the MLRO, DMLRO and CO may be eligible if he\/she can demonstrate a minimum of 10 years of relevant experience in the industry, as per Section 4.6 of the Competency Standards.<\/li><\/ul><p>These new requirements are applicable since the 1<sup>st<\/sup> June 2022 for all new MLROs, DMLROs and CO.<\/p><p>For more information, we invite you to contact the Business Development team at <a href=\"mailto:bd@juristax.com\">bd@juristax.com<\/a>.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-30c385d8 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"30c385d8\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! 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To comply with international rules and regulations, the FSC had initially issued in 2014 the Competency Standards which aims to provide the minimum technical competencies required by financial institutions for specific positions. The recent updates &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/jtmediahub.com\/news\/2022\/10\/27\/news-2\/\"> <span class=\"screen-reader-text\">Amendments of the Competency Standards<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":475,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-411","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/jtmediahub.com\/news\/wp-json\/wp\/v2\/posts\/411","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jtmediahub.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jtmediahub.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jtmediahub.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/jtmediahub.com\/news\/wp-json\/wp\/v2\/comments?post=411"}],"version-history":[{"count":5,"href":"https:\/\/jtmediahub.com\/news\/wp-json\/wp\/v2\/posts\/411\/revisions"}],"predecessor-version":[{"id":487,"href":"https:\/\/jtmediahub.com\/news\/wp-json\/wp\/v2\/posts\/411\/revisions\/487"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jtmediahub.com\/news\/wp-json\/wp\/v2\/media\/475"}],"wp:attachment":[{"href":"https:\/\/jtmediahub.com\/news\/wp-json\/wp\/v2\/media?parent=411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jtmediahub.com\/news\/wp-json\/wp\/v2\/categories?post=411"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jtmediahub.com\/news\/wp-json\/wp\/v2\/tags?post=411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}