Section 39: Money laundering control officer

Microfinance Deposit-Taking Institutions (Corporate Governance) Regulations

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Consolidated text

(1) A micro finance deposit-taking 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 micro finance deposit-taking 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.