AML/CTF responsibilities of governing bodies
26H AML/CTF responsibilities of governing bodies
The governing body of a reporting entity must:
exercise appropriate ongoing oversight of:
the reporting entity’s identification and assessment of risk for the purposes of its ML/TF risk assessment; and
the reporting entity’s compliance with its AML/CTF policies, the Act, the regulations and the AML/CTF Rules; and
take reasonable steps to ensure that the reporting entity:
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
is otherwise complying with its AML/CTF policies, the Act, the regulations and the AML/CTF Rules.
A reporting entity contravenes this subsection if the governing body of the reporting entity contravenes subsection (1).
Subsection (2) is a civil penalty provision.
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