Section 64A: Programmes against money laundering and

64A. Programmes against money laundering and terrorism financing (1) (a) Every financial institution and every holder of a licence, including its branches and subsidiaries, shall implement programmes against money laundering and terrorism financing, which are commensurate with the money laundering and terrorism financing risks to which it or he is exposed and the size of its or his business. (b) The programmes referred to in paragraph (a) shall include the following internal policies, procedures and controls – (i) compliance management arrangements, including the appointment of a compliance officer at management level; (ii) screening procedures to ensure high standards when hiring officers; 246 Acts 2018 (iii) ongoing training programmes for its or his directors and officers; and (iv) an independent audit function to test the programme. (2) (a) Every financial institution and every holder of a licence, including its branches and subsidiaries, operating in a group structure shall implement group-wide programmes against money laundering and terrorism financing. (b) The group-wide programmes referred to in paragraph (a) shall include – (i) the internal policies, procedures and controls referred to in subsection (1)(b); (ii) policies and procedures for sharing information required for the purposes of customer due diligence and money laundering and terrorism financing risk management; (iii) the provision – (A) at group level compliance; (B) at audit level; (C) in anti-money laundering and combating the financing of terrorism functions, of customer, account and transaction information from branches and subsidiaries when necessary for antimoney laundering and combating the financing of terrorism purposes; (iv) sharing of information referred to in subparagraph (iii) – (A) at group level compliance; Acts 2018 247 (B) at audit level; (C) in anti-money laundering and combating the financing of terrorism functions, of customer, account and transaction information from branches and subsidiaries when necessary for antimoney laundering and combating the financing of terrorism purposes; (v) adequate safeguards on the confidentiality and use of information exchanged, including safeguards to prevent tipping-off.