Money Services Business Act 2011 · s 36

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 36Operational and governance arrangements

(1)

A licensee shall institute and maintain—

(a)

internal control mechanisms, which include risk management arrangements, accounting procedures and security measures, to ensure the safety and integrity of its money services business;

(b)

governance arrangements which are effective, accountable and transparent to ensure the continued integrity of its money services business operations, and

(c)

adequate procedures to ensure compliance with the

Anti-Money Laundering, Anti-Terrorism Financing and

Proceeds of Unlawful Activities Act 2001 and other written laws, as the Bank may prescribe.

(2)

A licensee who contravenes subsection (1) commits an offence.

Money Services Business 41