FSRA Interviews – Are you ready?

The Financial Services Regulatory Authority (FSRA) require a number of mandatory functions that regulated entities must ensure are undertaken by competent individuals.

Mandatory Functions  

• Senior Executive Officer (SEO)

The SEO is essentially responsible for the day to day management and supervision of the entities regulated activities.

• Compliance Officer

The Compliance Officer maintains responsibility for ensuring the compliance framework in place is implemented and effective in ensuring the entities regulatory obligations are adhered to.

• Money Laundering Reporting Officer (MLRO)

The MLRO is responsible for ensuring compliance with the FSRA’s AML Rules and applicable UAE Federal Laws in relation to money laundering, terrorist financing and proliferation financing.

• Finance Officer

The Finance Officer is responsible for ensuring adherence to the entities compliance with prudential requirements.

In addition to the above functions, whilst not listed within the General Rulebook as a mandatory function it is not uncommon for an entity to appoint a Risk Manager to oversee the risk management framework of the entity.

Entities are also required to appoint a minimum of two Licenced Directors.  The FSRA review the composition of the Board and whether it promotes good corporate governance.

Approved Persons

The above positions are known as Approved Persons as the FSRA review and approve all applications.  The FSRA take into consideration various factors, including:  integrity, competence and capability, financial soundness, the role to be undertaken, and any other relevant matters.

Notwithstanding the approval process, the FSRA expects all entities to determine that applicants are suitable for the role.

The Interview Process

The FSRA will conduct interviews on individuals making application to become an Approved Person.  The objective of the interview is to determine the applicant’s competence to undertake the mandatory function.  Interviews are of course tailored to the function being applied for.  It is important to be adequately prepared for the interview in order to ensure demonstrate that you are suitable for the role in which you are applying for.

How can Reg Wise help you prepare for the interview?

We have experience in preparing applicants for their interview.  We provide an overview of what to expect during the interview and what the FSRA expect from candidates.  We have supported all functions, from Independent Non-Executive Directors

Whether you are from a technology background and newer to financial services, or new to the region we can support you in your interview preparation.

Want to know more?

Please complete our Interview Preparedness Form and we will contact you.

About Reg Wise

Reg Wise is an owner-operated ADGM incorporated business. We place our clients at the forefront of everything we do. Our commitment lies in delivering tailored solutions to meet our clients’ needs and fostering a sense of value and appreciation in every engagement.

At Reg Wise, we offer comprehensive support in:

• Regulatory authorization applications in the ADGM and DIFC
• Outsourcing of mandatory functions
• Regulatory advice and guidance
• Regulatory remediation support
• Accountancy and bookkeeping
• Company incorporations
• Visa applications

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