4.20.1The authorized signatory who signs correspondence (i.e. letters, requests for various purpose etc.) with the Central Bank must possess a Power of Attorney (PoA) from the Licensed Person or its Owner/Partners/Shareholders with exemptions under Paragraphs 4.20.3 and 4.20.4 of this Chapter, unless such person is the sole owner of the Licensed Person;
4.20.2The Central Bank will not act on or respond to any correspondence signed by parties other than authorized signatories having Power of Attorney in accordance with Paragraph 4.20.1 of this Chapter;
4.20.3The Compliance Officer of the Licensed Person may sign responses to ‘Search’ or ‘Search and Freeze’ notices from the Central Bank. The Suspicious Transaction Reports (STR) must be signed by the Compliance Officer at all times;
4.20.4The Licensed Person or its authorized signatory may delegate the authority to other employees of the Licensed Person to sign the periodical returns/reports (such as monthly, quarterly, bi-annual or annual returns) to be submitted to the Central Bank. The Licensed Person and its authorized signatory shall retain the responsibility for the accuracy of all such returns even after the delegation;
4.20.5The Licensed Person or its Board of Directors (or the Owner/Partner where there is no Board of Directors) must not grant a Power of Attorney of any kind to any party other than a full time employee, Director of the Board, Partner or a Shareholder of the Licensed Person; and
4.20.6The Licensed Person or its Board of Directors (or the Owner/Partner where there is no Board of Directors) must not authorize any party other than a full time employee, Director of the Board, Partner or a Shareholder of the Licensed Person to act as an authorized signatory of its local or foreign bank account.