Audit and compliance
8.—(1)  For the purposes of rule 5(4)(d), a moneylender shall implement and maintain an audit function that is —
(a)adequately resourced and independent; and
(b)able to regularly assess the effectiveness of the internal policies, procedures and controls of the moneylender, and his compliance with these Rules.
[S 522/2015 wef 01/09/2015]
(2)  For the purposes of rule 5(4)(e), a moneylender shall —
(a)develop compliance management arrangements to continually review and update internal policies, procedures and controls for the prevention of money laundering and the financing of terrorism; and
(b)appoint an employee or officer in a management position as the compliance officer in relation to anti-money laundering and countering the financing of terrorism.
[S 522/2015 wef 01/09/2015]
(3)  The moneylender shall grant his compliance officer, as well as any other persons appointed to assist him, timely access to all borrower records and other relevant information which they may require to discharge their functions for the purposes of these Rules.
(3A)  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.
[S 522/2015 wef 01/09/2015]
(4)  Any moneylender who contravenes paragraph (1), (2)(a) or (b), (3) or (3A) shall be guilty of an offence.
[S 522/2015 wef 01/09/2015]