All provisions · AML/CFT Regulations 2020 · Part V: Appointment of compliance officer and alternative compliance officer
r.12 Independent decisions by compliance officer
(1) Compliance officer shall—
(a) have sufficient seniority to enable him or her, to apply sound and independent judgment; effective interaction with the supervisory authority and senior management regarding the reporting entity’s compliance, with the established guidelines, policies, laws and practices;
(b) have the independence required to objectively perform his or her duties and the reporting entity shall not interfere in any activity that may hinder the independence of the compliance officer; and
(c) be insulated from undue influence from other parts of the business regarding the manner and extent to which he or she is performing the functions and the
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compliance officer shall have access to the senior management as appropriate; to the Board of Directors and the supervisory authority to discuss the significant compliance matters.
(2) Compliance function shall be autonomous and the compliance officer shall not be permitted to serve in any functional capacity as a Chief Executive Officer, Deputy Chief Executive Officer, Chief Operating Officer, Chief Financial Officer or anyone in an official advisory capacity, unless otherwise authorised by the respective supervisory authority on a request made by the reporting entity to its supervisory authority with proper justification.
(a) have sufficient seniority to enable him or her, to apply sound and independent judgment; effective interaction with the supervisory authority and senior management regarding the reporting entity’s compliance, with the established guidelines, policies, laws and practices;
(b) have the independence required to objectively perform his or her duties and the reporting entity shall not interfere in any activity that may hinder the independence of the compliance officer; and
(c) be insulated from undue influence from other parts of the business regarding the manner and extent to which he or she is performing the functions and the
CAP. 251-1 11
compliance officer shall have access to the senior management as appropriate; to the Board of Directors and the supervisory authority to discuss the significant compliance matters.
(2) Compliance function shall be autonomous and the compliance officer shall not be permitted to serve in any functional capacity as a Chief Executive Officer, Deputy Chief Executive Officer, Chief Operating Officer, Chief Financial Officer or anyone in an official advisory capacity, unless otherwise authorised by the respective supervisory authority on a request made by the reporting entity to its supervisory authority with proper justification.
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)
