Compliance officer

(1) A moneylender shall appoint as its compliance officer a person approved, upon application in writing by the moneylender, by the Registrar as being a fit and proper individual to so act. 41 (2) The principal functions of the compliance officer are– (a) in relation to this Act, any regulations, or guidelines made under this Act and all laws for the time being in force concerning moneylending business– (i) to oversee and monitor the moneylender’s compliance; and (ii) to act as the liaison between the moneylender and the Registrar in matters relating to compliance; (b) be responsible for establishing, maintaining and ensuring compliance such manual of compliance procedures as the Registrar may require in relation to the moneylender's compliance policy and compliance systems and controls referred to in section 30A. (3) The Registrar may, by notice in writing to a moneylender, revoke its approval of an individual as the moneylender’s (4) Where the Registrar issues a notice under sub-section (3), the moneylender shall, without delay, appoint another individual as its compliance officer in accordance with this