Singapore legislation
Regulation 36
Regulation 36
Audit and compliance management
Subregulation 1
For the purposes of regulation 33(1)(e), a registered corporate service provider (X) must implement and maintain an audit function that is —
independent; and
able to regularly assess the effectiveness of X’s internal policies, procedures and controls, and X’s compliance with these Regulations.
Subregulation 2
For the purposes of regulation 33(1)(f), X must —
develop compliance management arrangements to continually review and update X’s internal policies, procedures and controls for the prevention of money laundering, proliferation financing and terrorism financing; and
appoint an employee or officer in a management position as X’s compliance officer in relation to the prevention of money laundering, proliferation financing and terrorism financing.
Subregulation 3
X must grant the compliance officer mentioned in paragraph (2)(b), as well as any other persons appointed to assist the compliance officer, timely access to all customer records and other relevant information which they may require to discharge their functions for the purposes of this Part.