This blog post explains what a “compliance officer” is within Canada’s money laundering regime. It was written by Addison Cameron-Huff, a lawyer who specializes in Bitcoin. He highly recommends that you seek legal advice when faced with money laundering compliance issues.
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Compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act may require the appointment of a “compliance officer”.
A compliance officer typically performs the following roles:
“Puts in place and maintains the compliance regime.
Ensures that all employees are trained as required.
Monitors and observes that all policies and procedures are respected and applied.
Reports on a regular basis to the board of directors or senior management, or to the owner or chief operator.”
http://www.fintrac-canafe.gc.ca/msb-esm/compliance-conformite/officer-agent-eng.asp
In a small business the compliance officer could be the owner/operator of the business. At a larger organization (e.g. a bank) a compliance officer is typically a full-time role.
FINTRAC also refers to their own inspectors as compliance officers: http://www.fintrac-canafe.gc.ca/publications/brochure/05-2005/4-eng.asp.
Made in Canada