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.
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.”
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.