Back Custom print Link Text Only Rich Text Print

  • Prevention of Fraud

    • CRA-4.5.14

      Licensees must take reasonable steps to detect and prevent fraud, including by establishing and maintaining a written anti-fraud policy. The anti-fraud policy must, at a minimum, include:

      (a) the identification and assessment of fraud-related risk areas;
      (b) procedures and controls to protect against identified risks;
      (c) allocation of responsibility for monitoring risks and establish real-time/near real-time fraud risk monitoring and surveillance system; and
      (d) procedures for the periodic evaluation and revision of the anti-fraud procedures, controls, and monitoring mechanisms.
      Amended: April 2023
      Added: April 2019

    • CRA-4.5.14A

      A client account must be considered dormant if the client does not trade for a period of 12 (twelve) continuous months. All the accounts designated as dormant need to be monitored carefully in order to avoid unauthorized transactions in the account.

      Added: April 2023

    • CRA-4.5.14B

      If a client wishes to make his/her account active after 12 continuous months or thereafter, the licensee must ensure that the client submits a request to reactivate his/her account. In case there is any change in the information such as; address, contact details, email ID, bank account, financial disclosure provided in KYC at the time of registration as client, the same must be submitted along with the request. After verification of the updated / revised details and approval from the compliance officer or money laundering reporting officer (MLRO), the account can be made active and transactions can take place.

      Added: April 2023