Regulatory Alerts2013-07-17
Added · Updated
Reconciliation of Client Funds
The Norwegian Financial Supervisory Authority issued this circular to mandate that financial entities holding client funds regularly reconcile those funds against client liabilities. The regulation requires a minimum monthly reconciliation of four specific financial figures, including bank statements, accounting records, and subsidiary ledgers, with all discrepancies and negative balances requiring explanation. This document supersedes previous circulars 23/2011 and 34/1997 and clarifies that client funds include advance payments for fees and other unallocated deposits.
Topics
safeguarding
Share