| 1. |
VASPs shall implement procedures to ensure that they only employ suitably qualified individuals with the requisite skills, knowledge and expertise to perform the duties for which they are employed and that such individuals are duly registered with all applicable professional bodies as required. |
| 2. |
VASPs shall employ appropriate numbers of Staff to discharge relevant duties effectively. Unless otherwise stated in the Regulations and Rulebooks, Staff are not required to be physically located in the Emirate, provided that the VASP is able to ensure that all supervisory, monitoring and enforcement functions are effectively implemented to VARA’s satisfaction. |
| 3. |
VASPs shall ensure that all Staff are provided with adequate and up-to-date information regarding all their policies and procedures. |
| 4. |
Adequate training suitable for the duties which the Staff is required to perform in their role shall be provided at the beginning of their employment and on an ongoing basis. |
| 5. |
VASPs shall implement and provide AML/CFT training for all Staff on a regular basis and monitor their compliance with all established procedures. |
| 6. |
VASPs shall make necessary arrangements to ensure that all operational policies and procedures are communicated to new hires within their first thirty [30] calendar days of starting their employment. |
| 7. |
In the event that the operational policies and procedures are updated, VASPs shall ensure that—
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a. |
relevant information is promptly communicated to all Staff; and |
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b. |
any such updated operational policies and procedures are made available to all Staff at all times.
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