Authorised Firm must maintain a system to ensure that accurate reconciliations of the Client Accounts are carried out at least every 25 days.
(2) The reconciliation must include:
(a) a full list of individual
Segregated Client credit ledger balances, as recorded by the Authorised Firm;
(b) a full list of individual
Segregated Client debit ledger balances, as recorded by the Authorised Firm;
(c) a full list of unpresented cheques and outstanding lodgements;
(d) a full list of
Client Account cash book balances; and
(e) formal statements from
Third Party Agents showing account balances as at the date of reconciliation.
Authorised Firm must:
(a) reconcile the individual credit ledger balances,
Client Account cash book balances, and the Third Party Agent Client Account balances;
(b) check that the balance in the
Client Accounts as at the close of business on the previous day was at least equal to the aggregate balance of individual credit ledger balances as at the close of business on the previous day; and
(c) ensure that all shortfalls, excess balances and unresolved differences, other than differences arising solely as a result of timing differences between the accounting systems of the
Third Party Agent and the Authorised Firm, are investigated and, where applicable, corrective action taken as soon as possible.
Authorised Firm must perform the reconciliations in (3) within 10 days of the date to which the reconciliation relates.
Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]