A Licensed Person must establish systems, policies, and procedures aimed to preventing money laundering and financing of terrorism. The senior management of the Licensed Person is responsible for effectively managing the risks facing the business, including the risks of money laundering and financing of terrorism emanating from clients, geographical location and delivery channels.In addition, the senior management must commit to setting adequate and effective policies and procedures to prevent money laundering and financing of terrorism and to ensuring implementation and compliance with those policies and with all relevant regulatory and legal requirements. To ensure this, a Compliance Officer should be appointed at the senior management level with direct responsibility for over-sighting compliance with anti-money laundering and combating financing of terrorism policies and procedures, as well as other relevant legal requirements as set out in this Module and the anti-money laundering and combating financing of terrorism law. He is responsible for reporting the unit any suspected money laundering or financing of terrorism in accordance with this Module.This shall be in accordance with the Financial Action Task Force recommendations on Anti-Money Laundering and Combating Financing of Terrorism require setting out and implementing anti-money laundering and combating which financing of terrorism procedures.