All provisions · AML/CFT Regulations 2020 · Part V: Appointment of compliance officer and alternative compliance officer
r.14 Assumption of functions by an alternative compliance officer
Reporting entity shall immediately inform the respective supervisory authority as soon as the alternative compliance officer assume the functions of compliance officer, for more than five consecutive business days, subject to—
(a) an alternative compliance officer may assume the functions of compliance officer up to an initial period of90 days;
(b) where a reporting entity needs to extend the term of the alternative compliance officer beyond 90 days, the reporting entity shall request the supervisory authority for an extension with reasonable justification for such extension and specifying the duration of the said extension.
(a) an alternative compliance officer may assume the functions of compliance officer up to an initial period of90 days;
(b) where a reporting entity needs to extend the term of the alternative compliance officer beyond 90 days, the reporting entity shall request the supervisory authority for an extension with reasonable justification for such extension and specifying the duration of the said extension.
Official source: Anti-Money Laundering and Countering the Financing of Terrorism Regulations, 2020 (S.I. 108 of 2020), Revised Edition as at 17 January 2025 (S.I.s 108 of 2020, 139 of 2020, 156 of 2020, 6 of 2022, 67 of 2024)
