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The notion of "fit and proper" is crucial for individuals occupying influential roles, especially
within Financial Services Providers. The FAIS Act explicitly requires that a Compliance
Officer be deemed "fit and proper," ensuring that they have the requisite attributes to
effectively oversee compliance and risk management. Compliance Officers who meet
these standards are instrumental in safeguarding the organization against potential
breaches of laws or regulations, which could result in significant financial penalties, legal
disputes, and the revocation of operational licenses.
• Must not have been found guilty by:
• Court of law
• Professional or financial service industry body
• Regulatory or supervisory body
• License refused, suspended or withdrawn
• Refused admission to statutory professional body
• Disqualified from taking part in management of any company
1. Honesty and Integrity
Those occupying critical positions within an organization are expected to exemplify
honesty and integrity in both their personal and professional lives. A demonstrated history
of ethical conduct alongside an unblemished criminal record is essential for ensuring that
Compliance Officers uphold the best interests of stakeholders, particularly in the
prevention of fraud and unethical practices within the organization. This is crucial for
sound corporate governance, as it fosters the trust of shareholders and regulatory bodies.
Furthermore, it aids in the avoidance of regulatory infractions that could threaten the
organization's stability. Reliability and integrity are paramount for these individuals, as
they are entrusted with the organization's resources and confidential information.
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