(1) Where appropriate with regard to the size and nature of its business, a relevant person must -
(a) appoint one individual who is a member of the board of directors (or if there is no board, of its equivalent management body) or of its senior management as the officer responsible for the relevant person’s compliance with these Regulations;
(b) carry out screening of relevant employees appointed by the relevant person, both before the appointment is made and during the course of the appointment;
(c) establish an independent audit function with the responsibility -
(i) to examine and evaluate the adequacy and effectiveness of the policies, controls and procedures adopted by the relevant person to comply with the requirements of these Regulations;
(ii) to make recommendations in relation to those policies, controls and procedures; and
(iii) to monitor the relevant person’s compliance with those recommendations.
(2) For the purposes of paragraph (1)(b) -
(a) "screening" means an ass
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