The Proceeds of Crime (Money Laundering) and Terrorist Financing Act requires that reporting entities appoint a compliance officer responsible for the implementation of the organization’s anti-money laundering compliance program.
The compliance officer is a key part of the organization’s compliance program. The compliance officer’s mandate typically involves:
- Oversight of the implementation of the compliance program.
- Oversight of the effectiveness of the compliance program to ensure compliance with the legislation.
- Identification of areas of concern that may present risks to the organization.
- Oversight of the review and audit of the compliance program.