General obligations of IFS Practitioners

(1) IFS Practitioners shall arrange and control their internal affairs, such as the keeping of proper records and the following of adequate procedures as required under any law and by the Commission, in a responsible manner so as to promote the best interests of customers and the integrity of Belize as a reputable jurisdiction. (2) An IFS Practitioner shall ensure that powers of attorney are– (a) granted for specific purposes; (b) limited in time; (c) not capable of being further delegated by the grantee; and (d) granted only where the IFS Practitioner regards the donee to be particularly trustworthy by virtue of long-standing relationship or similar connections. (3) All registered agents shall use reasonable means to ensure that the companies for which they act as registered agent are not being used for purposes which would be illegal if carried out in (4) Registered agents shall use reasonable means to ensure that the companies in respect of which they act as registered agents are not used for the purposes of holding assets arising from or facilitating the commission of criminal activity, or for any acts which would infringe the laws of Belize. (5) IFS Practitioners shall maintain in their offices such board meeting minute books and general meeting minute books as are required by law.