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Compliance Regime

The implementation of a compliance regime is a legislative requirement and a good business practice for anyone subject to the Money Laundering and Terrorism (Prevention) Act 2008 (MLTPA) and its regulations. A well designed, applied and monitored regime will provide a solid foundation for compliance with the legislation. Not all individuals and entities operate under the same circumstances; hence, your compliance regime will have to be tailored to fit your individual needs. It should reflect the nature, size and complexity of your operations.

If you are a member of an association within your sector of activity, you may wish to check with them to find out if any information sharing about any aspect of compliance regime implementation is available. You may also check with any regulatory body covering your sector in this regard.

Your compliance regime has to include the following:

  • the appointment of a compliance officer/money laundering compliance officer;
  • the development and application of compliance policies and procedures, including procedures for making suspicious transaction reports. These policies and procedures have to be written and kept up to date. If you are an entity, you must also have your policies and procedures approved by a the board of directors or a senior officer;
  • an assessment and documentation of risks related to money laundering and terrorist financing, as well as the documentation and implementation of mitigation measures to deal with those risks;
  • if you have employees or agents or any other individuals authorized to act on your behalf, an on-going compliance training program should be developed for them. The training program has to be in writing and maintained; and
  • an independent review of your compliance policies and procedures to test their effectiveness. The review has to cover your policies and procedures, your assessment of risks related to money laundering and terrorist financing and your training program.