• Gem 2-1
  • Gem 2-2
  • Gem 2-3




Financial Transactions Reporting Act, No. 6 of 2006


Section 14

(1) Every Institution shall be required to—

(a) Appoint a Compliance Officer who shall be responsible for ensuring the Institution’s compliance with the requirements of this Act;

(b) Establish and maintain procedures and systems to—

       (i.) Implement the customer identification requirements under

           section 2;

      (ii.) Implement procedures for the record keeping and retention requirements under section 4;

       (iii) Implement the process of monitoring required under section 5;

       (iv.) Implement the reporting requirements under sections 6, 7, 8 and section 22 in relation to    auditors;

       (v.) Make its officers and employees aware of the laws relating to money laundering and financing of    terrorism ; and

     (vi.) Screen all persons before hiring them as employees;

(c) Establish an audit function to test its procedures and systems for the compliance with the provisions of this Act;

(d) Train its officers, employees and agents to recognize suspicious transaction.

(2) The provisions of su,seotion (I) shall not apply to an individimi who, in the course of carrying on his her business, does not employ or act in association with any other person.

(3) An Institution shall ensure that its foreign branches and subsidiaries adopt and observe measures consistent with Parts I, 11 and of this Act to the extent that

. local laws and regulations permit and where the foreign branch or subsidiaiy is unable to adopt and observe such measures, to report the matter to the relevant supervisory authority or in the absence of a supervisory authority to the Financial Intelligence Unit.




Appointment of the Compliance Officer under Section 14(1)(a) of the Financial Transactions Reporting Act.06 of 2006