Compliance Officers

The following legislative requirements under the AML Act apply to compliance officers:
(1)Every financial institution shall-
(a) appoint a compliance officer who shall be responsible for ensuring the financial institutionís compliance with the requirements of the AML Act;
(b) establish a maintain procedures and systems to-
(i) implement the customer identification requirements;
(ii) implement record keeping and retention requirements
(iii) implement the reporting requirements under section
(iv) make its officers and employees aware of the laws and regulations relating to money laundering and financing of terrorism;
(v) make its officers and employees aware of the procedures, policies and audit systems adopted by it to deter money laundering and financing of terrorism;
(vi) screen persons before hiring them as employees;
(c) train its officers and employees and agents to recognize suspicious transactions, trends in money laundering and financing of terrorism activities and money laundering and financing of terrorism risks within the financial institutionís products, services and operations; and
(d) establish an audit function to test its anti-money laundering and financing of terrorism procedures and system.
(2) A compliance officer appointed pursuant to this section shall-
(a) be a senior officer with relevant qualifications and
experience to enable him to respond sufficiently well to enquiries relating to the financial institution and the conduct of its business;
(b) be responsible for establishing and maintaining such manual of compliance procedures in relation to its business as the supervisory authority or the Financing Intelligence Unit may, from time to time, require;
(c) be responsible for ensuring compliance by staff of the financial institution with the provisions of this Act and other law relating to money laundering or financing of terrorism and the provisions of any manual of compliance procedures established pursuant to this section; and
(d) act as the liaison between the financial institution and the Supervisory authority and the Financial Intelligence Unit in matters relating to compliance with the provisions of this Act and any other law or directive with respect to money laundering or financing of terrorism.

News & Updates

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