Singapore legislation
Regulation 20
Regulation 20
Audit and compliance management
Subregulation 1
For the purposes of rule 17(1)(e), an accounting entity must implement and maintain an audit function that is —
independent; and
able to regularly assess the effectiveness of the internal policies, procedures and controls of the accounting entity, and the compliance by the accounting entity and its individual practitioners with the internal policies, procedures and controls.
Subregulation 2
For the purposes of rule 17(1)(f), an accounting entity must —
develop compliance management arrangements to continually review and update the internal policies, procedures and controls for the prevention of money laundering, the financing of terrorism and proliferation financing; and
appoint an employee or officer in a management position as the accounting entity’s compliance officer in relation to the prevention of money laundering, the financing of terrorism and proliferation financing.
Subregulation 3
The accounting entity or an individual practitioner of the accounting entity must grant the accounting entity’s compliance officer, as well as any other persons appointed to assist the compliance officer, timely access to all client records and other relevant information which the compliance officer or other person appointed to assist the compliance officer may require to discharge their functions for the purposes of audit and compliance management.