In conducting a test as to whether a person is a fit and proper person, the Commission shall have regard to the following minimum criteria—

• the skills and experience in the relevant financial activity being applied for;
• that person’s probity, competence and soundness of judgement for fulfilling the responsibilities of that position;
• the diligence with which that person is fulfilling or likely to fulfil the responsibilities of that position;
• whether the interests of depositors, or potential depositors of the licensee or settlors and beneficiaries and potential settlors and beneficiaries are, or likely to be, in any way threatened by that person holding that position;
• the previous conduct and activities in business or financial matters of that person;
• whether there is evidence that that person has committed an offence involving fraud or other dishonesty or violence;
• whether there is evidence that that person has contravened any provision under any enactment designed for protecting members of the public against financial loss due to dishonesty, incompetence or malpractice or from financial loss due to the conduct of a discharged or undischarged bankrupt;
• whether there is evidence that that person has been engaged in any business appearing to be deceitful or improper (whether lawful or not) or which otherwise reflects on that person’s method of conducting business;
• whether there is evidence of an employment record, which leads to the belief that that person carried out an improper act in the handling of his employer’s or client’s business;
• whether there is evidence that that person has been associated with any other business practices or otherwise conducted himself in such a way as to cast doubt on his competence and soundness of judgement.

In carrying out its regulatory role, the Commission will supervise the financial services industry in accordance with the standards set by the following international supervisory bodies:

• Basle Committee on Banking Supervision;
• International Association of Insurance Supervisors;
• International Organisation of Securities Commission;
• The Financial Action Task Force 40 Recommendations revised in 2012, are the international standards on combating money laundering and the financing of terrorism and proliferation.