Anti-Money Laundering and Countering Financing of Terrorism Act 2009

Subpart 4—Compliance with AML/CFT requirements

56 Reporting entity must have AML/CFT programme and AML/CFT compliance officer

(1)

A reporting entity must establish, implement, and maintain a compliance programme (an AML/CFT programme) that includes internal procedures, policies, and controls to—

(a)

detect money laundering and the financing of terrorism; and

(b)

manage and mitigate the risk of money laundering and financing of terrorism.

(2)

A reporting entity must designate an employee as an AML/CFT compliance officer to administer and maintain its AML/CFT programme.

(3)

In the case of a reporting entity that does not have employees, the reporting entity must appoint a person to act as its AML/CFT compliance officer.

(4)

The AML/CFT compliance officer must report to a senior manager of the reporting entity.