Section 36, Terrorism Act, 2012

(1) A reporting entity shall develop and implementprograms for the prevention of money laundering and financing of (2) The programs shall include the following:– (a) internal policies, procedures and control to fulfill obligations under this Act; (b) adequate screening procedures to ensure high standards when hiring employees; (c) on-going training for officers and employees to make them aware of the enactments relating to money laundering and the financing of terrorism, to assist them in recognizing transactions and actions that may be linked to money laundering or financing of terrorism and instruct them in the procedures to be followed in such cases; (d) policies and procedures to prevent the misuse of technological developments including those related to electronic means of storing and transferring funds or value; (e) independent audit arrangements to review and verify compliance with and effectiveness of the measures taken in accordance with this Act. (2) A competent supervisory authority may determine the type and extent of measures reporting entities shall undertake with respect to each of the requirements in subsection (1) having regard to the risk of money laundering and financing of terrorism and the size of the business or profession. Internal programs to combat laundering financing of 46 47