BR-1.1.6

Payment Service Providers holding client money in the course of carrying out payment services must appoint independent auditors to perform an audit of client money every 6 months and submit the report to the CBB by 30th September for the 30th June report and 31st March for the 31st December report. The audit must be performed by the licensee’s external auditor or an independent third-party audit firm acceptable to the CBB. Such audit must be conducted to ensure full compliance with the requirements of Chapter GR-15, Client Money Requirements. Any non-compliance matters will be subject to an enforcement action, and in the case of recurring violations, revocation of license may be pursued.

Amended: April 2023
Amended: January 2021
Added: July 2020