All provisions · AML/CFT Regulations 2020 · Part Viii: Appointment of examiners
r.21 Appointment of examiners
(1) The head of a supervisory authority may appoint a suitably qualified person as an examiner under section 58(3) or (4) of the Act, for the purpose of ensuring the compliance with the provisions of the Act by the respective reporting entity.
(2) For the purposes of subregulation (1), “suitably qualified person” means any person, who in the opinion of the supervisor, has the qualifications and experience necessary to exercise the powers conferred under section 58 of the Act.
(3) The head of a supervisory authority may determine the remuneration to be paid to the person who has been appointed as examiner under subregulation (1).
(4) The head of a supervisory authority shall issue a letter of appointment to the examiner appointed under subregulation (1), signed and stamped under name and seal.
(5) A letter of appointment issued under subregulation (4) shall contain the following details of the examiner—
(a) full name of the person so appointed;
(b) capacity in which he or she has been appointed;
(c) name of the reporting entity to which the appointment refers; and
(d) duration of the appointment.
(6) (a) Where the head of a supervisory authority is authorised by any other Act to appoint examiners, he or she may extend the appointment and functions of examiner under that Act to include undertaking of examination under the provisions of the Anti-Money Laundering and Countering the Financing of Terrorism Act (Cap. 251) and these regulations.
(b) In undertaking the examination under these regulations, an examiner whose appointment or functions have been extended under paragraph (a), may, in addition to the functions imposed upon such examiner under any other Act contemplated in paragraph (a), perform any of the functions assigned under the provisions of the Anti-Money Laundering and Countering the Financing of Terrorism Act (Cap. 251).
(c) Any extended appointment contemplated under paragraph (a) shall be reflected in the appointment letter issued by the head of the supervisory authority to the examiner.
(7) When an examiner undertakes the examination under the provisions of these regulations, the examiner shall produce the appointment letter upon request by the reporting entity.
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(2) For the purposes of subregulation (1), “suitably qualified person” means any person, who in the opinion of the supervisor, has the qualifications and experience necessary to exercise the powers conferred under section 58 of the Act.
(3) The head of a supervisory authority may determine the remuneration to be paid to the person who has been appointed as examiner under subregulation (1).
(4) The head of a supervisory authority shall issue a letter of appointment to the examiner appointed under subregulation (1), signed and stamped under name and seal.
(5) A letter of appointment issued under subregulation (4) shall contain the following details of the examiner—
(a) full name of the person so appointed;
(b) capacity in which he or she has been appointed;
(c) name of the reporting entity to which the appointment refers; and
(d) duration of the appointment.
(6) (a) Where the head of a supervisory authority is authorised by any other Act to appoint examiners, he or she may extend the appointment and functions of examiner under that Act to include undertaking of examination under the provisions of the Anti-Money Laundering and Countering the Financing of Terrorism Act (Cap. 251) and these regulations.
(b) In undertaking the examination under these regulations, an examiner whose appointment or functions have been extended under paragraph (a), may, in addition to the functions imposed upon such examiner under any other Act contemplated in paragraph (a), perform any of the functions assigned under the provisions of the Anti-Money Laundering and Countering the Financing of Terrorism Act (Cap. 251).
(c) Any extended appointment contemplated under paragraph (a) shall be reflected in the appointment letter issued by the head of the supervisory authority to the examiner.
(7) When an examiner undertakes the examination under the provisions of these regulations, the examiner shall produce the appointment letter upon request by the reporting entity.
CAP. 251-1 25
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)
