What is the SMF16?

What is the SMF16?

SMF16 – Compliance Oversight. The person responsible for the compliance function in the firm and reporting to the governing body on this function. CF11 – Money Laundering Reporting Officer (MLRO) SMF17 – MLRO. The person who has responsibility for overseeing the firm’s anti-money laundering systems and controls.

What is SMF16 and SMF17?

SMF16 – Compliance Oversight. CF11 – Money Laundering Reporting Officer (MLRO) SMF17 – Money Laundering Reporting Officer (MLRO) CF29 – Significant Management Function.

What is SMF16 compliance oversight?

Required Functions SMF16 (Compliance oversight). This is the person responsible for, and who reports to the governing body on, the compliance function. Firms will need to consider whether the current holder of the compliance oversight function (CF10) is sufficiently senior to be part of the regime.

What is a SMF17?

MLRO – Money Laundering Reporting Officer (SMF17) – Kind Consultancy. Financial Services Recruitment Specialists. and Financial Crime Providing permanent and interim solutions.

What is the purpose of SMCR?

Overview. The SMCR’s overarching aim is to reduce harm to consumers and to strengthen market integrity. This is achieved by raising the standards of conduct for everyone who works in financial services, and by making senior people in firms more responsible and accountable for their conduct, actions and competence.

What is the aim of SM&CR?

SM&CR aims to reduce harm to consumers and strengthen market integrity by making individuals more accountable for their conduct and competence.

Do we need an SMF16?

You need only apply for SMF16 if your turnover is 1 million or more (i.e. you are a Class 1 CMC), but most CMCs must have a SMF29 holder (unless you are a sole trader with no employees).

What is CF30 customer?

CF30 is the customer-dealing function that regulates how advisory services are provided by financial firms to their customers. You can browse through the list of training providers that offer financial compliance courses and find out which responsibilities of the FSA are now undertaken by the FCA.

What is CF10 compliance?

CF10 is an FCA (Financial Conduct Authority) controlled function (CF) referring to compliance oversight for the company that the CF10 is employed by. CF11 is an FCA (Financial Conduct Authority) controlled function (CF) responsible for the overall AML compliance of the organisation.

Who does smf18 apply?

people who hold ‘overall responsibility’ for activities, functions or areas of the firm require regulator approval under SMF 18. Overall responsibility means that the person in question has ultimate responsibility for managing or supervising a function with direct responsibility for reporting to the governing body.

What is smf4?

Senior Managers Regime (SMCR) The Chief Risk Officer is now very much held to account for the actions of their firm under the Senior Managers Regime, the SMF 4, is regarded as one of the high risk roles under this regime due to the responsibilities of the role.

What is SMF3?

Executive director function (SMF3): General SUP 10C.5.1R 10/12/2018. (1) For a UK SMCR firm, the executive director function is the function of acting in the capacity of a director (other than a non-executive director) of a the firm. 3.

What is the difference between smf16 and smf17?

SMF16 and SMF17 are ‘required functions’, i.e. a core firm is required to have individual (s) appointed to carry out these two functions. The other SMFs only apply to a firm if they have individuals carrying out that function. For example, a firm which is a limited company would not have anyone carrying out the SMF27 (Partner) function.

What is the compliance oversight function (smf16)?

FCA required functions Compliance oversight function (SMF16) SUP 10C.6.1 R 09/12/2019 RP The compliance oversight function is the function of acting in the capacity of a person

What is SMF 18 policy UK?

SMF Policy. SMF 18 – Other Overall Responsibility Function (FCA) UK RAPs only. • Applies to individuals who have overall responsibility for each of the activities, business areas and management functions of the firm (we have provided examples in our guidance).

Can an individual hold more than one SMF function?

Individuals can hold more than one SMF function and be an Approved Person for more than one firm so long as they are satisfied the person is FIT to undertake the role. If you are looking for a role covering SMF16 and SMF17 or other Senior Management Functions, please view our latest compliance jobs and careers.