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16.26 Independent Audit/Agreed-Upon Procedures on AML/CFT Compliance Function

N 35/2018 STA
  1. 16.26.1The Compliance officer’s function must undergo regular audit by the Internal Auditor. Internal audit findings must be reported to the Board of Directors (or to the Owner/Partners where there is no Board of Directors);
  2. 16.26.2External Auditors must perform Agreed-Upon Procedures on the AML/CFT Compliance function annually and report their findings directly to the Board of Directors (or to the Owner/Partners where there is no Board of Directors). The Licensed Person must submit a copy of this report to the Banking Supervision Department within four (4) months from the end of each financial year; and
  3. 16.26.3The Board of Directors (or the Owner/Partners where there is no Board of Directors) must ensure that appropriate actions are taken by the Compliance Officer, Manager in Charge and other functional heads to resolve findings of internal and external auditors in a timely manner.