An AML/CTF Compliance officer must:
- be at management level
- be appointed
- meet the residency requirements
- be fit and proper person
- have authority
- be independent from external and internal influence
- have access to resources and information such as:
- staff
- funding
- technology
- information.
- have a direct line of communication to the governing body
- not necessarily be an employee
- have the required competency, skills, knowledge, diligence, expertise and soundness of judgement(forms part of fit and proper)
- not have conflicts of interest that create a material risk (forms part of fit and proper)
- be periodically reassessed to ensure they remain a fit and proper.
For a reporting group, the AML/CTF compliance officer of one member may also serve as the compliance officer of another member. Where possible, businesses may identify additional eligible person who can be an AML/CTF compliance officer to meet its obligations if the existing compliance officer becomes ineligible or is absent for long periods.
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