Singapore legislation
Regulation 8
Regulation 8
Approval of specified internal controls
Subregulation 1
A submission to the Authority for approval of the specified internal controls may be made by a licensee or by an applicant for a licence, and shall comprise the following documents:
a description of the specified internal controls in the form prescribed by the Internal Controls Code for Casino Operators or the Internal Controls Code for International Market Agents, as the case may be;
a statement by the Board of Directors of the licensee or the applicant that the specified internal controls of the licensee or the applicant, as the case may be, satisfy the internal controls requirements applicable to the licensee or the applicant if a licence is issued thereto;
a statement by an independent officer of the licensee or the applicant that ––
the specified internal controls of the licensee or the applicant, as the case may be, satisfy the internal controls requirements applicable to the licensee or the applicant if a licence is issued thereto; and
the licensee or the applicant has adequate systems and processes in place to implement the specified internal controls; and
such other documents as the Authority may require in that particular case to determine whether the specified internal controls satisfy the internal controls requirements applicable to the licensee or the applicant.
Subregulation 2
The Authority may, on the application of a licensee or an applicant for a licence, modify or waive the requirements under paragraph (1) in any particular case.
Subregulation 3
The Authority shall not approve any specified internal controls submitted by a licensee or an applicant unless it is of the opinion that the specified internal controls satisfy or will satisfy all the internal controls requirements applicable to the licensee or the applicant.
Subregulation 4
The Authority may —
approve all or part of the specified internal controls submitted by a licensee or an applicant subject to such conditions as the Authority may impose; or (b)reject all or part of the specified internal controls submitted by a licensee or an applicant if any of the specified internal controls do not satisfy any of the internal controls requirements applicable to the licensee or applicant.
Subregulation 5
A licensee shall ensure that all approved internal controls are implemented in accordance with the approval of the Authority and such conditions as may be imposed under paragraph (4)(a).