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Article (21)

IA-BOD-RES 10/2019

Financial Institutions and Designated Non-Financial Businesses and Professions shall undertake to appoint a compliance officer, who shall have the appropriate competence and experience under its responsibility, to carry out the following tasks:

  1. Controlling of the Crime-Related Transactions.
     
  2. Accessing records and receiving, examining and studying data on Suspicious Transactions and taking the decision to notify the Unit or to retain such records and data while stating the reasons, under complete confidentiality.
     
  3. Reviewing the internal systems and procedures for anti-money laundering and combating the financing of terrorism and financing of illegal organizations, and their consistency with the provisions of the decree-law and this resolution. This is in addition to assessing the extent of the institution's commitment to its application and proposing what is necessary to update and develop it, and prepare periodic reports thereon to be submitted to the senior management. This is in addition to sending a copy to the concerned regulatory authority at its request, including the observations and decisions of the senior management.
     
  4. Developing, implementing and documenting ongoing programs and training and qualification plans for employees working for the organization on all matters related to anti-money laundering and combating the financing of terrorism and financing of illegal organizations and ways to confront them.
     
  5. Cooperating with the Regulatory Authority and the Unit, providing them with the data they request, and enabling their assigned employees to view the records and documents necessary to exercise their competencies.
     
This article has been amended by Cabinet Resolution No. (24) of 2022. You are viewing the latest version. To view the previous version, click the version box below.
Version 1(effective from 10/02/2019 to 01/04/2022)

 

Financial Institutions and DNFBPs shall appoint a compliance officer. The compliance officer shall have the appropriate competencies and experience and under his or her own responsibility, shall perform the following tasks:

  1. Detect Transactions relating to any Crime.
     
  2. Review, scrutinise and study records, receive data concerning Suspicious Transactions, and take decisions to either notify the FIU or maintain the Transaction with the reasons for maintaining while maintaining complete confidentiality.
     
  3. Review the internal rules and procedures relating to combating the Crime and their consistency with the Decretal-Law and the present Decision, assess the extent to which the institution is committed to the application of these rules and procedures, propose what is needed to update and develop these rules and procedures, prepare and submit semi-annual reports on these points to senior management, and send a copy of that report to the relevant Supervisory Authority enclosed with senior management remarks and decisions.
     
  4. Prepare, execute and document ongoing training and development programs and plans for the institution’s employees on Money Laundering and the Financing of Terrorism and Financing of Illegal Organisations, and the means to combat them.
     
  5. Collaborate with the Supervisory Authority and FIU, provide them with all requested data, and allow their authorised employees to view the necessary records and documents that will allow them to perform their duties.