S.L. 370.34 Art. 21Appointment of MoneyLaundering Reporting Officer.

(1) The Notified PIF, by written agreement with the

Due Diligence Service Provider appointed in terms of regulation 18, shall appoint a money laundering reporting officer (MLRO) within the meaning of regulation 15 of the Prevention of Money Laundering and

Funding of Terrorism Regulations, to carry out the money laundering reporting function in relation to the Notified PIF.

(2) The Notified PIF may delegate the money laundering reporting function to the money laundering reporting officer of the fund administrator of the Notified PIF. In such cases, the fund administrator shall be responsible for fulfilling the reporting obligations of the Notified PIF:

Provided that where the money laundering function has been delegated in accordance with this sub-regulation, the administrator of the Notified PIF shall be required to confirm to the Due Diligence Service Provider appointed in terms of regulation 18 and to the governing body of the PIF that the recordkeeping, reporting, ongoing monitoring, risk management and any other measure being conducted by the administrator, comply with the requirements prescribed in the Prevention of Money Laundering and Funding of Terrorism Regulations and the Implementing Procedures issued thereunder.