26HAML/CTF responsibilities of governing bodies

26H  AML/CTF responsibilities of governing bodies

 (1) The governing body of a reporting entity must:

 (a) exercise appropriate ongoing oversight of:

 (i) the reporting entity’s identification and assessment of risk for the purposes of its ML/TF risk assessment; and

 (ii) the reporting entity’s compliance with its AML/CTF policies, the Act, the regulations and the AML/CTF Rules; and

 (b) take reasonable steps to ensure that the reporting entity:

 (i) is appropriately identifying, assessing, managing and mitigating the risks of money laundering, financing of terrorism and proliferation financing that the reporting entity may reasonably face in providing its designated services; and

 (ii) is otherwise complying with its AML/CTF policies, the Act, the regulations and the AML/CTF Rules.

 (2) A reporting entity contravenes this subsection if the governing body of the reporting entity contravenes subsection (1).