Chapter 6: Verification and Third Party Collection Accounts

  1. Where third party collection accounts are opened simultaneously (i.e. on the same day), one confirmation of the third party collection account may be obtained but the fund service provider should ensure that the confirmation from the third party lists all applicable account numbers. This confirmation can be provided and received in electronic form.
  2. Where a third party collection account is closed, a fund service provider should retain a record of the confirmation that the third party collection account had a nil balance on the date of closure, obtained pursuant to Regulation 84(3) of the Investor Money Requirements (IMR), for six years.

Issued: 4 July 2023

Last revision: 4 July 2023