14. Appointment of Compliance Officer

appoint a Compliance Officer who shall be responsible for ensuring the Institution’s compliance with the requirements of this Act ;

establish and maintain procedures and systems to—

implement the customer identification requirements under section 2 ;

implement procedures for the record keeping and retention requirements under section 4 ;

implement the process of monitoring required under section 5 ;

implement the reporting requirements under sections 6, 7, 8 and section 22 in relation to auditors ;

make its officers and employees aware of the laws relating to money laundering and financing of terrorism ; and

screen all persons before hiring them as employees ;

establish an audit function to test its procedures and systems for the compliance with the provisions of this Act ;

train its officers, employees and agents to recognize suspicious transaction.