Singapore legislation
Regulation 8
Regulation 8
Audit and compliance
Subregulation 1
For the purposes of rule 5(4)(d), a moneylender must implement and maintain an audit function that is —
adequately resourced and independent; and
able to regularly assess the effectiveness of the internal policies, procedures and controls of the moneylender, and the moneylender’s compliance with these Rules.
Subregulation 2
For the purposes of rule 5(4)(e), a moneylender must —
develop compliance management arrangements to continually review and update internal policies, procedures and controls for the prevention of money laundering, terrorism financing and proliferation financing; and
appoint an employee or officer in a management position as the compliance officer in relation to the prevention of money laundering, terrorism financing and proliferation financing.
Subregulation 3
The moneylender must grant the moneylender’s compliance officer, as well as any other persons appointed to assist the compliance officer, timely access to all borrower records and other relevant information which they may require to discharge their functions for the purposes of these Rules.
Subregulation 4
The moneylender must also ensure that the compliance officer, and any other persons appointed to assist the compliance officer, are suitably qualified and have adequate resources to discharge their functions under these Rules.
Subregulation 5
Any moneylender who contravenes paragraph (1), (2)(a) or (b), (3) or (4) shall be guilty of an offence.