Appointment of money laundering officer

(1) Subject to sub-section (8), a reporting entity, other than a sole trader, shall appoint an individual approved as being fit and proper by the supervisory authority as its money laundering compliance officer. (2) A sole trader is the money laundering compliance officer in respect of his relevant business. (3) A reporting entity shall ensure that– (a) the individual appointed as money laundering compliance officer under this section is of an appropriate level of seniority; and (b) the money laundering compliance officer has timely access to all records that are necessary or expedient for the purpose of performing his functions as money laundering compliance (4) The principal functions of the money laundering compliance officer are– (a) to oversee and monitor the reporting entity’s compliance with the Act, any applicable regulations, codes or guidelines made under this Act and all laws for the time being in force concerning terrorist financing; (b) in the case of a reporting entity other than a sole trader, receive and consider internal reports on unusual transactions and suspicious activities; (c) consider whether a suspicious transaction report should be made to the Financial Intelligence Unit; and (d) where he considers a suspicious transaction report should be made, submit the report. (5) When an individual has ceased to be the money laundering compliance officer of a reporting entity, the reporting entity shall as soon as reasonably practicable appoint another individual approved by the supervisory authority as its money laundering compliance officer. (6) A reporting entity shall give the supervisory authority written notice within 7 days after the date72[CAP. 104 Money Laundering and Terrorism (Prevention) (a) of the appointment of a money laundering compliance officer; or (b) that an individual ceases, for whatever reason, to be its money laundering compliance officer. (7) The money laundering compliance officer of a reporting entity may also be appointed to be its money laundering reporting officer. (8) The Minister may prescribe modification of the requirements of this section in relation to particular types or category of reporting entity. (9) A reporting entity who contravenes this section commits an offence and is liable on summary conviction to a fine of fifty thousand dollars. Cap. 263. Cap. 267.