22. ! 1)

Financial institutions or designated non-financial business and professions shall develop and implement programmes for the prevention of money laundering and financing of terrorism. Such programmes shall include the following-

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(a}

internal policies, procedures and controls to fulfill obligations pursuant to this Order;

adequate screening procedures to ensure high standards when hiring employees;

ongoing training for officers and employees to make them aware of the laws and regulations relating to money laundering and the financing of terrorism, to assist them in recognising 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;

policies and procedures to prevent the misuse of technological developments including those related to electronic means of storing and transferring funds or value; and

independent audit arrangements to review and verify compliance with and effectiveness of the measures taken in accordance with this Order.

Financial institutions or designated non-financial business and professions shall designate a compliance officer at management level to be responsible for the implementation of, and ongoing compliance with, this Order by the institution. Such compliance officer shall have ready access to all books, records and employees of the financial institution or designated non-financial business and profession necessary to fulfill his responsibilities.