Reporting entity to appoint a compliance officer and establish procedures, etc

(1) A reporting entity shall– (a) appoint a compliance officer in accordance with section 18A; (b) establish and maintain internal policies, procedures, controls and systems and take such measures as it considers appropriate to– (i) implement the customer identification requirements; (ii) implement record keeping and retention requirements; (iii) implement the requirements; (iv) implement the reporting requirements under section 17; 68[CAP. 104 Money Laundering and Terrorism (Prevention) (v) make its officers and employees aware of the laws relating to combating money laundering and financing of terrorism in particular, the laws on customer due diligence and suspicious transaction (vi) make its officers and employees aware of the procedures and policies adopted by it to deter money laundering and the financing of terrorism; (vii) screen persons before hiring them as employees; 4 0f 2013. (viii) disseminate warning notices and other information received from a supervisory authority or the competent authority relating to a weakness in the anti-money laundering and combating of financing of terrorism systems of other countries; (ix) ensure that a foreign branch or subsidiary observes the anti-money laundering and combating of financing of terrorism system that is consistent with Belize’s requirements and the FATF Recommendations, including application of counter-measures, where that foreign country does not apply or insufficiently applies the FATF Recommendations; and (x) guard against the use of technological developments in money laundering or (c) an adequately resourced and independent audit function to test compliance, including sample testing, of its anti-money laundering and combatting the financing of terrorism procedures and systems; and (d) conduct ongoing training of its officers, employees and agents to ensure that employees are kept informed of new developments, including information on current money laundering and terrorist financing techniques, methods and trends. (2) A reporting entity shall– (a) enable any person identified in accordance with sub-section (1)(a) as well as other appropriate staff to have timely and unimpeded access to information that may be relevant to determining whether sufficient basis exists to report the matter pursuant to section 17; and (b) require the identified person to report the matter, pursuant to section 17, in the event that he determines that sufficient basis exists. (3) The person identified in sub-section (1)(a) shall– (a) be a senior officer with relevant qualifications and experience to enable him to respond sufficiently well to inquiries relating to the reporting entity and the conduct of its business and possess core competencies and knowledge in administering anti- money laundering measures; 70[CAP. 104 Money Laundering and Terrorism (Prevention) (b) be responsible for establishing and maintaining such manual of compliance procedures in relation to its business as the supervisory authority or the competent authority may, from time to time, require; (c) be responsible for ensuring compliance by staff of the reporting entity with– (i) this Act and any other law relating to money laundering or terrorist financing; and (ii) any manual of compliance procedures established; and (d) act as the liaison between the reporting entity and the Financial Intelligence Unit in matters relating to compliance with this Act and any other law or directive with respect to money laundering or terrorist financing. (4) A sole trader is not required to maintain policies and procedures relating to internal reporting, screening of employees and the internal communication of such policies and