CLIENT MONEY ACCOUNT
According to the industry regulations in the UK and EU, financial firms are required to hold client money in safeguarding accounts. The internal systems and controls that need to be in place to protect the money held in such accounts are prescribed by FCA in CASS or in similar provisions published by other regulators in EEA. Firms that chose not to implement these controls may take advantage of the Clear Junction Client Money Accounts – a solution that lets an authorized firm to open e-money accounts in the names of its clients. Funds held on these accounts belong to the clients.
From a practical perspective, the firm’s clients are offered to opt in to opening of a Clear Junction e-money account and to entitle the firm to convey to Clear Junction their instructions in regards to the management of the e-money on these accounts.