Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p59
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 164563–167526

program

     8.2.1 Part A must include an AML/CTF risk awareness training program that meets the requirements of paragraphs 8.2.2 to 8.2.3 below.

     8.2.2 The AML/CTF risk awareness training program must be designed so that the reporting entity gives its employees appropriate training at appropriate intervals, having regard to ML/TF risk it may reasonably face.

     8.2.3 The AML/CTF training program must be designed to enable employees to understand:

         (1) the obligations of the reporting entity under the AML/CTF Act and Rules;

         (2) the consequences of non‑compliance with the AML/CTF Act and Rules;

         (3) the type of ML/TF risk that the reporting entity might face and the potential consequences of such risk; and

         (4) those processes and procedures provided for by the reporting entity's AML/CTF program that are relevant to the work carried out by the employee.
          Part 8.3 Employee due diligence program

     8.3.1 Part A must include an employee due diligence program that meets the requirements of paragraphs 8.3.2 to 8.3.4 of these Rules.

     8.3.2 The employee due diligence program must put in place appropriate risk‑based systems and controls for the reporting entity to determine whether to, and in what manner to, screen any prospective employee who, if employed, may be in a position to facilitate the commission of a money laundering or financing of terrorism offence in connection with the provision of a designated service by the reporting entity.

     8.3.3 The employee due diligence program must include appropriate risk‑based systems and controls for the reporting entity to determine whether to, and in what manner to, re‑screen an employee where the employee is transferred or promoted and may be in a position to facilitate the commission of a money laundering or financing of terrorism offence in connection with the provision of a designated service by the reporting entity.

     8.3.4 The employee due diligence program must establish and maintain a system for the reporting entity to manage any employee who fails, without reasonable excuse, to comply with any system, control or procedure established in accordance with Part A or Part B.
          Part 8.4 Oversight by boards and senior management

     8.4.1 A reporting entity's Part A program must be approved by its governing board and senior management. Part A must also be subject to the ongoing oversight of the reporting entity's board and senior management. Where the reporting entity does not have a board, Part A must be approved and overseen by its chief executive officer or equivalent.
          Part 8.5 AML/CTF Compliance Officer

     8.5.1 Part A must provide for the reporting entity to designate a person as the 'AML/CTF Compliance Officer' at the management level. The AML/CTF Compliance Officer may have other duties.
          Part 8.6 Independent review

     8.6.1 Part A must be subject