Money services businesses must have a compliance regime that includes:

  • The appointment of a compliance officer for the money services businesses.
  • Written policies and procedures describing, among other things, how the money services business will meet its obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
  • An assessment of the risks of money laundering and terrorist financing facing the money services business and measures to mitigate high risks identified.
  • A training program on the money services businesses’ anti-money laundering obligations and the compliance program.
  • A review of the effectiveness of the compliance program, training program and risk assessment for the money services business.