36. While all institutions should ensure that their staff are able to perform their functions adequately, relevant institutions should specifically ensure that key function holders are of sufficient good repute, have honesty and integrity, and possess sufficient knowledge, skills and experience for their positions at all times and assess the aforementioned requirements, in particular:

a. when applying for an authorisation;

b. when appointing new key function holders, including as a result of a direct or indirect acquisition or increase of a qualifying holding in an institution;

c. where necessary, in accordance with paragraph 38.

37. Relevant institutions should monitor on an ongoing basis the reputation, honesty, integrity, knowledge, skills and experience of key function holders to identify, in the light of any relevant new fact, situations where a re-assessment should be performed. In particular a re- assessment should be made in the following cases:

a. where there are concerns regarding their suitability;

b. in the event of a material impact on the reputation of the individual;

c. where there are reasonable grounds to suspect that money laundering or terrorist financing has been or is being committed or attempted or there is an increased risk thereof in connection with that institution and in particular in situations where the institution