Section 38: Money laundering control officer

Financial Institutions (Corporate Governance) Regulations

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Consolidated text

(1) A financial institution shall employ a person to serve as a money laundering control officer whose position shall be at level of executive management. (2) The money laundering control officer shall have a direct reporting line to executive management or the board of the financial institution. (3) The money laundering control officer shall be the contact point for internal and external authorities, including the Central Bank or the Financial Intelligence Authority, concerning anti-money laundering issues. (4) The money laundering control officer role may be held by an independent executive manager or by the head of compliance.

Source: laws_africa.