| 1. |
Proper record keeping.
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a. |
VASPs shall keep proper and up-to-date records regarding—
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i. |
the receipt and payment of Client Money and in and out of Client Accounts; and |
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ii. |
movements of Client Money within internal systems to enable the reconciliation of any differences in balances or positions of Client Money.
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b. |
VASPs shall have appropriate procedures for identifying Client Money received. The procedures should cover Client Money received through all means, including electronically or via agents of the VASP [e.g. banks, payment processors]. |
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c. |
VASPs may be requested to demonstrate evidence of above records upon VARA’s request.
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| 2. |
Client reporting.
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a. |
VASPs must send or otherwise make available a statement to clients at least monthly, or as agreed with the client, which shall include—
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i. |
the client’s total Client Money balances held by the VASP; |
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ii. |
the amount, date and value of each credit and debit paid into and out of the account since the previous statement; and |
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iii. |
any interest earned or charged on the Client Account since the previous statement.
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b. |
The statement sent to the client must be prepared within twenty-five [25] calendar days of the statement date.
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