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13.4. Outsourcing the role of Money Laundering Reporting Officer
FINANCIAL SERVICES LEGISLATION
RULES
ANTI-MONEY LAUNDERING AND COUNTER-TERRORIST FINANCING AND SANCTIONS RULES
Figure 1 – The Risk Based Approach
Figure 2 – Customer Risk Assessment
Entire Act

13.4. Outsourcing the role of Money Laundering Reporting Officer

13.4.1. Outsourcing permitted

A Relevant Person may outsource the role of MLRO to an individual outside the Relevant Person if the relevant individual under the outsourcing agreement is and remains suitable to perform the MLRO role.

13.4.2. Responsibility for compliance

Where a Relevant Person outsources specific AML tasks of its MLRO to another individual or a third-party provider, including within a corporate Group, the Relevant Person remains responsible for ensuring compliance with the responsibilities of the MLRO. The Relevant Person should satisfy itself of the suitability of anyone who acts for it.