Entire section Custom print Link Text Only Rich Text Print
  Versions

 

GR-15.1.3

Licensees must ensure that it has established and implemented adequate policies, procedures and systems, including those related to fraud risk and that the client money is:

(a) Held in a segregated client money account;
(b) Used only for the purposes for which the licensee received it from its customers;
(c) Not used for licensee’s own use or given as collateral for any purpose to a third party or be subject to any restrictions; and
(d) Reported as a separate balance sheet item in the licensee’s financial statements specifying also the nature and purpose for which such funds are held on behalf of its customers.
Added: April 2023