A Compliance Officer shall undertake the following duties: 1. Develop, update and implement the Licensed Person’s systems, procedures and controls on anti-money laundering and combating terrorism financing. 2. Keep pace with developments in anti-money laundering and combating terrorism financing laws and regulations, trends, techniques, and update indicators of money laundering or terrorist financing. 3. Ensure that the Licensed Person complies with policies and procedures to combat money laundering and terrorist financing. 4. Receive directly from staff any reports of suspicious transactions or activities and analyze those reports and then decide whether to file an STR with the Kuwait Financial Intelligence Unit or not. 5. Prepare an annual report to the board of the Licensed Person setting out all actions that have been taken to implement the internal policies, procedures and controls and any proposal for increasing the effectiveness and efficiency of the procedures. A copy of the report shall be submitted to the Authority. 6. Ensure that staff of the Licensed Person maintains all necessary records, documents and reports. 7. Organize ongoing training programs and plans for all staff of the Licensed Person.