Financial entities must have a compliance regime that includes:

  • The appointment of a compliance officer for the financial entity.
  • Written policies and procedures describing its anti-money laundering compliance plan.
  • An assessment of the risks of money laundering and terrorist financing that the financial entity faces, and measures to mitigate any high risks identified in the assessment.
  • A training program on its anti-money laundering obligations and the compliance program.
  • A review of the effectiveness of the compliance program, training program and risk assessment for the financial entity.