s 38D Requirement to undergo quality control standards review or AML/CFT/CPF requirements review
38D.—(1) The Oversight Committee may require, as a condition for an accounting entity to remain approved as such, that the accounting entity undergoes a quality control standards review during the periods determined by the Oversight Committee. (2) The Oversight Committee may require, as a condition for an accounting entity to remain approved as such, that —(a) the accounting entity undergoes an AML/CFT/CPF requirements review during the periods determined by the Oversight Committee; and[Act 24 of 2025 wef 06/05/2026] (b) one or more individual practitioners of the accounting entity undergo an AML/CFT/CPF requirements review during the periods determined by the Oversight Committee.[Act 24 of 2025 wef 06/05/2026] (3) Where an accounting entity is required by the Oversight Committee to undergo a quality control standards review under subsection (1) or an AML/CFT/CPF requirements review under subsection (2)(a), or both, the accounting entity must —(a) undergo the quality control standards review or the AML/CFT/CPF requirements review, or both, as required by the Oversight Committee by written notice served on the accounting entity; and[Act 24 of 2025 wef 06/05/2026] (b) pay any fee prescribed in connection with the administration of the quality control standards review or the AML/CFT/CPF requirements review, or both, as the case may be.[Act 24 of 2025 wef 06/05/2026] (4) Where an individual practitioner is required by the Oversight Committee to undergo an AML/CFT/CPF requirements review under subsection (2)(b) —(a) the individual practitioner must undergo the AML/CFT/CPF requirements review, as required by the Oversight Committee by written notice served on the individual practitioner; and[Act 24 of 2025 wef 06/05/2026] (b) the accounting entity, in respect of which the individual practitioner undergoes the AML/CFT/CPF requirements review, must pay any fee prescribed in connection with the administration of the AML/CFT/CPF requirements review.[Act 32 of 2022 wef 01/07/2023] [Act 24 of 2025 wef 06/05/2026]