Payment Service Providers must appoint independent auditors to perform an in-depth audit on clients’ money account (i.e. client money received and its usage, accounting records, internal controls etc.) every 6 months and submit the report to the CBB after two months of period end, i.e. 31st August for the June report and end of February for the December report. The audit must be performed by the licensee’s external auditor or an independent third-party audit firm acceptable to the CBB.

Amended: January 2021
Added: July 2020