CHAPTER 9

COMPLIANCE

Section 9.1. Each Regulated Intermediary shall appoint one or more senior persons, or an appropriate unit, to advise its management and staff on the issuing and enforcement of in-house instructions to promote adherence to these Rules, including personnel training, reporting of suspicious transactions, and generally, all matters relating to the prevention of money laundering.

Section 9.2. Each Regulated Intermediary shall appoint a senior officer as the compliance officer or set up a designated compliance unit headed by a senior officer. The Compliance Officer/Unit may or may not be the same as the Reporting Officer(s)/Unit as defined under Section 7.1.  A Compliance Officer shall be:

(a)   A senior officer with relevant qualifications and experience to enable him to respond sufficiently well to inquiries relating to the relevant person and the conduct of its business;

(b)  Responsible for establishing and maintaining a manual of compliance procedures in relation to the business of the Regulated Intermediary;

(c)  Responsible for ensuring compliance by the staff of Regulated Intermediary with the provisions of the Act and these Rules, with the Manual of Compliance established under Section 9.2. (b);

(d)  act as the liaison between the Regulated Intermediary and the Council in matters relating to compliance with the provisions of the Act and these rules;

(e)  prepare and submit to the Council written reports on the Regulated Intermediaries’ compliance with the provisions of the Act and these Rules, in such form and submitted at such time as the Council may determine.

Chapter 8     Chapter 10