| 1. |
The Board shall ensure that policy formulation, supervisory and advisory functions and other internal review functions are effectively segregated from operational duties in order to—
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a. |
ensure that supervisory and other internal controls are effectively maintained; and |
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b. |
avoid undetected errors or abuses of certain functions.
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| 2. |
The Board shall ensure that operational duties including sales, dealing, accounting, settlement and safekeeping of Virtual Assets are effectively segregated to minimise potential for conflicts, errors or abuses. |
| 3. |
The Board shall ensure that compliance and internal audit functions are effectively segregated from and independent of the operational and related supervisory functions. The CO and any head of the internal audit function should report directly to the Board.
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