2.3.8 Code of Practice for Statement of Principle 7

Question 1

Statement of Principle 7

Answer 1

An approved person performing an SIF must ensure that the business of the firm for which they are responsible in their controlled function complies with the relevant requirements and standards of the regulatory system

Question 2

The following behaviours by an approved person do not comply with the provisions of Principle 7

Answer 2

1) Failing to take reasonable steps to implement adequate systems and controls in respect of the firm’s regulated activities
2) Failing to take reasonable steps to monitor compliance with the relevant requirements and standards of the regulatory system
3) Failing to inform themselves of the reason for any suspected or actual breaches of the relevant regulatory professionals
4) Failing to take reasonable steps to ensure that procedures and systems are reviewed and if necessary improved, following the identification of the breach
5) For the Money Laundering Reporting Office, failure to perform their duties