Trust Companies Act (TCA) Internal Audit Services in Singapore
Our Focus
For licensed trust companies in Singapore, our Trust Companies Act internal audit reviews governance, regulatory compliance, and internal controls against applicable Monetary Authority of Singapore (MAS) requirements. Coverage typically includes trust administration, fiduciary processes, AML/CFT, record keeping, and business continuity, with independent assessment of control effectiveness and regulatory compliance.
Key Responsibilities of a Trust Company
01Trust Administration
Administering trusts and related structures in accordance with governing documents, applicable requirements and client instructions.
02Fiduciary Responsibilities
Fulfilling fiduciary duties with appropriate oversight, documentation and controls over the administration of trust assets and arrangements.
03AML/CFT & Regulatory Compliance
Maintaining appropriate measures to identify and manage financial crime risks and meet applicable regulatory requirements.
04Operational & Record Management
Maintaining effective processes, records and controls to support the proper administration and continuity of trust services.
Internal audit provides an objective perspective on whether the processes and controls supporting these responsibilities remain effective and appropriate to the organisation's needs.
Internal Audit, Tailored to Your Organisation
Discuss your internal audit requirements with our team.
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