Documentation to be collected

6.1. The AFSA requires the following:

a) A completed current version of the application for Approved Individual status issued by the AFSA;

b) Details in the form of documents (such as a report of final decision) should be provided to the AFSA if a person responds “Yes” to any of the probity questions in the Fit & Proper Questionnaire;

c) Evidence acceptable to the AFSA of the person’s professional knowledge and experience for the function to be undertaken by the person. This includes copies of certificates or other records of relevant academic and professional qualifications. Where a person is required to be registered with a professional body, a certified copy of the current registration should be provided;

d) An updated and comprehensive Curriculum Vitae (“CV”) detailing the professional background of the person to demonstrate that the person has the necessary skills, experience and qualifications to perform the Controlled Function;

e) For persons who will be involved in the day-to-day management of an Authorised Person, a current job description detailing the duties and responsibilities attached to the position, and an organisational chart showing lines of reporting within the Authorised Person and of the position to which the person is to be appointed;

f) A copy of photo identification such as a passport, an identity card, or any other government issued identification document. All copies must be in colour;

g) For each individual beneficial shareholder/controller who is a natural person holding more than 10% of issued share capital or total voting rights, the AFSA requests full details of source of wealth and source of funds, with supporting documentary evidence;

h) In the case of a corporate shareholder, the AFSA may request audited financial statements for three (3) consecutive years. The AFSA may also request additional information to complete the assessment process.

i) All documents and certificates must be provided in English:

i       Where the primary documents/certificates are in a foreign language, a professional notarized translation is required;

ii      The primary documents/certificates along with the translated and notarized documents/certificates must be submitted to the AFSA.

j) The AFSA will consider whether a breach has occurred under AIFC GEN where a person:

i       knowingly, recklessly or wilfully supplies false or misleading information to the AFSA;

ii      makes, orders, or allows to be made any false statement in any document to be sent to the AFSA; or

iii     knowingly or recklessly provides any explanation or makes any statement to the authority.

Assessment Procedures

6.2. Upon the receipt of documentation, the AFSA will review the application for completeness.

6.3. The AFSA will conduct a risk assessment based on the extent of the following factors:

a) Answers in the current version of the Application for Approved Individual status issued by the AFSA, and in particular (but not limited to) the probity questions of the Fit & Proper Questionnaire;

b) The proposed role of the person in the Controlled Function;

c) The type of licence held by the Authorised Person to which the person is proposed to be appointed;

d) Complexity of business of the proposed Authorised Person;

e) The experience and qualifications of the person;

f) Previous compliance history of the person;

g) Results of due diligence conducted by the AFSA;

h) Any information identified while performing the procedures for assessing the fitness and propriety of persons. This includes:

i.       A search on a database that monitors existing and emerging risks of individuals and organisations around the world (“Risk Intelligence Database”);

ii.      A search of publicly available web search engines; and

i) Any other factor the AFSA deems relevant in determining the fitness and propriety of a person.

6.4  In addition to factors identified in 6.3, if necessary, the AFSA may seek additional verification steps to be performed on a person. The additional steps include verifications of:

a) criminal history;

b) employment history;

c) professional qualifications;

d) civil history;

e) education; and

f) evidence of identity.