Senior Management Obligations

Relevant Law/ Regulation: Money Laundering Regulation 20, Proceeds of Crimes Act ss 327-330 and Terrorism Act ss 18, 21A

Senior Management Obligations:

  • Identify, and manage effectively, the risks in their businesses
  • Appoint a nominated officer to process disclosures
  • Senior management in regulated firms must appoint a Money Laundering Reporting Officer with certain responsibilities
  • Adequate resources must be devoted to Anti-Money Laundering / Counter-terrorist Financing
  • Senior Management must be Fit and Proper
  • Mitigate conflict of interests
  • Potential personal liability if legal obligations are not met