In accordance with the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Act, 2020 (the “Act”):
“all reporting entities are required to appoint a Compliance Officer for ensuring the compliance with the provisions of the Act, with the approval of the respective supervisory authority.”; and
“all reporting entities are required to appoint a senior official at management level to serve as the Alternate Compliance Officer, to act in the absence of the Compliance Officer, with the approval of the respective supervisory authority.“
These appointments of a Compliance Officer and of an Alternative Compliance Officer are to be complied by each reporting entity by 31st of January 2021.