• AML 15.2 AML 15.2 Criteria for Registration as a DNFBP

    • AML 15.2.1

      (1) To be registered as a DNFBP, an applicant must demonstrate to the Regulator's satisfaction that:
      (a) it is fit and proper to perform anti-money laundering functions; and
      (b) it has adequate resources, systems and controls, including policies and procedures, to comply with all applicable anti-money laundering requirements under Federal AML legislation, FSMR and these Rules;
      (2) In assessing if an applicant is fit and proper under (1)(a), the Regulator may, without limiting the matters it may take into account under that paragraph, consider the applicant, its senior management, its Beneficial Owners, other entities in its Group and any other Person with whom it has a relationship.
      (3) The Regulator will in assessing if an applicant is fit and proper, consider the cumulative effect of matters that, if considered individually, may be regarded as insufficient to give reasonable cause to doubt the fitness and propriety of the applicant.