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MLRO / Compliance Officer Services
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Expert Compliance Officer Support for Your MSB
Canadian MSBs must designate a Compliance Officer (sometimes referred to as a Money Laundering Reporting Officer or MLRO) to oversee regulatory compliance matters.
The Compliance Officer fills an incredibly important role in an MSB and is responsible for implementing all elements of a compliance program.
SageVista provides Compliance Officer assistance services, giving you local, Canada-specific expertise.
Our monthly subscription services are custom-tailored to your business and can be expanded as your business grows.
Expert Compliance Officer Support for Your MSB
Appointing someone to be your Compliance Officer alone does not fulfil your compliance program requirements.
The appointed Compliance Officer is responsible for implementing all elements of a compliance program.
Therefore, a Compliance Officer needs to:
1. Have the necessary authority and access to resources in order to implement an effective compliance program and make any desired changes.
2. Have knowledge of your business’s functions and structure.
3. Have knowledge of your business sector’s money laundering, terrorist activity financing and sanctions evasion risks and vulnerabilities as money laundering, terrorist activity financing and sanctions evasion trends and typologies.
4. Understand your business sector’s requirements under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act) and associated Regulations.
Role of the Compliance Officer
A Compliance Officer may delegate certain duties to other employees. For example, the Compliance Officer of a large business may delegate responsibility to an individual in another office or branch.
However, the Compliance Officer remains responsible for the implementation of the compliance program.
While the Compliance Officer is appointed, it is the reporting entity’s responsibility to meet its compliance program requirements under the Act and associated Regulations.
The preceding content is for informational purposes only and does not constitute legal or professional advice. To obtain such advice, please contact our offices directly.
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SageVista Compliance
5577 153A Street, Suite 207
Surrey, BC V3S 5K7
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