Anti-Money Laundering and Counter-Terrorism Financing Rules 2025
5‑7 Reporting from AML/CTF compliance of5‑7 Reporting from AML/CTF compliance officer to governing body
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5‑7 Reporting from AML/CTF compliance officer to governing body
Requirements (1) For the purposes of paragraph 26F(4)(g) of the Act, the AML/CTF policies of a reporting entity must deal with ensuring its governing body receives reports from its AML/CTF compliance officer about the following matters: (a) the reporting entity’s compliance with its AML/CTF policies; (b) the extent to which the reporting entity’s AML/CTF policies are appropriately 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; (c) the reporting entity’s compliance with the Act, the regulations and the AML/CTF Rules. (2) The AML/CTF policies of a reporting entity must provide for the reporting mentioned in subsection (1) to occur regularly, with a frequency of at least once every 12 months. Exception (3) Subsections (1) and (2) do not apply to a reporting entity if: (a) the reporting entity is an individual; or (b) the AML/CTF compliance officer of the reporting entity is the same individual who is the governing body of the reporting entity.