Central Bank’s approach to fitness and probity
The Central Bank’s approach to fitness and probity
The Central Bank’s Fitness and Probity Regime was introduced by the Central Bank under the Central Bank Reform Act 2010 (‘the 2010 Act’).
A person performing a CF must have a level of fitness and probity appropriate to the performance of that particular function.
In relation to Fitness and Probity, the Central Bank’s Guidance on Fitness and Probity Standards 2018 do not limit Control Functions (CFs) to functions performed in the State. Accordingly, a person performing a CF at a location outside of the State on behalf of a regulated financial service provider authorised, licensed or registered in the State, will be subject to Part 3 of the Central Bank Reform Act 2010.
PCFs are a subset of CFs and the prior approval of the Central Bank is required before an individual can be appointed to a PCF role.
A firm must not permit a person to perform a CF unless:
- the firm is satisfied on reasonable grounds that the person complies with the Central Bank’s fitness and probity standards; and
- the person has agreed to abide by the Central Bank’s fitness and probity standards.
In addition to the Central Bank’s Fitness and Probity Regime for CFs and PCFs, the CJA 2010 to 2021 also places an obligation on the beneficial owners of VASPs to be fit and proper.
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