Who can I appoint as the Compliance Officer? How many Compliance Officers can I appoint?
You must appoint at least 1 Compliance Officer, an employee or officer in a management level of a regulated dealer who is responsible for ensuring that the regulated dealer complies with the regulatory requirements under the Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Act.
A regulated dealer can appoint other staff/employees to assist the appointed Compliance Officer as deemed fit.
A management level staff from your business can be appointed as a compliance officer. The compliance officer is responsible for handling all anti-money laundering, countering the financing of terrorism and countering proliferation financing compliance matters for your business.
You should therefore appoint an appropriate person who can be delegated the responsibility of ensuring that your business has proper Internal Policies, Procedures and Controls.
Related questions
Who needs to register as a regulated dealer?
I am unable to obtain all the identity of the individuals with senior management position of my corporate customer. Can I just proceed to transact with the corporate customer by obtaining and verifying the ACRA BizFile report only? What if customer refuses to provide his identifying information for customer due diligence?
As a precious stones and precious metals dealer, are there individuals and entities that I am prohibited from dealing with? Where can I find the relevant information / lists of such individuals and entities?
Will there be training to help me comply with the regulatory requirements?
