4.22. The IAF Act requires the Central Bank to prepare, in such form and manner it considers appropriate, guidance for the purpose of providing practical guidance for firms relating to notification and training for individuals subject to Conduct Standards.

4.23. A firm has a critical role to play in embedding the Conduct Standards in its culture in a meaningful way for all individuals, including via notifying and the provision of training (both on an initial and ongoing basis) to individuals performing CF roles to ensure that such individuals have appropriate knowledge of the standards and how they apply to an individual in the performance of their role.

4.24. In relation to the Conduct Standards, the IAF Act imposes obligations on the firm to notify CFs of the Common Conduct Standards and individuals in PCF/CF1 roles of the Additional Conduct Standards that apply to them and to provide training to them in this regard. There is also an obligation on the firm to establish, maintain and give effect to policies on how the Common Conduct Standards are integrated into the culture and conduct of the affairs of the firm. As set out in the Certification Regulations, the firm is also required to report disciplinary action arising from breaches of the Conduct Standards to the Central Bank.