All provisions · AML/CFT Act (Cap. 251) · Part Vii: Supervision and enforcement of compliance
61 Appeals Board
(1) The Minister shall appoint an Appeals Board to hear and decide the appeals under section 62.
(2) The Appeals Board shall consist of the following members—
(a) two persons who have qualifications in law and with at least 3 years’ experience, one of whom shall be appointed as Chairperson by the Minister; and
(b) three other persons who have experience and extensive knowledge of financial institutions or financial services provision or financial services regulation.
(Amended by Act 62 of 2021)
(3) The Minister may prescribe additional qualifications, terms and conditions and other requirements for appointment as members of the Appeals Board.
(4) If before or during the consideration of any appeal, it transpires that any member of the Appeals Board has any direct or indirect personal interest in the outcome of that appeal, the member shall declare his or her interest and recuse himself or herself and shall be replaced by another member.
(5) A member of the Appeals Board shall be paid such remuneration and allowances as the Minister may prescribe by regulations.
(6) The supervisory authority shall be responsible for the expenditure of and administrative support for the Appeals Board.
(2) The Appeals Board shall consist of the following members—
(a) two persons who have qualifications in law and with at least 3 years’ experience, one of whom shall be appointed as Chairperson by the Minister; and
(b) three other persons who have experience and extensive knowledge of financial institutions or financial services provision or financial services regulation.
(Amended by Act 62 of 2021)
(3) The Minister may prescribe additional qualifications, terms and conditions and other requirements for appointment as members of the Appeals Board.
(4) If before or during the consideration of any appeal, it transpires that any member of the Appeals Board has any direct or indirect personal interest in the outcome of that appeal, the member shall declare his or her interest and recuse himself or herself and shall be replaced by another member.
(5) A member of the Appeals Board shall be paid such remuneration and allowances as the Minister may prescribe by regulations.
(6) The supervisory authority shall be responsible for the expenditure of and administrative support for the Appeals Board.
Official source: Anti-Money Laundering and Countering the Financing of Terrorism Act (Cap. 251), Act 5 of 2020, Revised Edition as at 17 January 2025 (Acts 5 of 2020, 7 of 2021, 8 of 2021, 62 of 2021, 9 of 2022, 12 of 2024, S.I. 145 of 2020)
