FRA enacts measures to safeguard securities clients' accounts
Updated 10/31/2024 12:45:00 PM
Arab Finance: The Financial Regulatory Authority (FRA) announced new rules to fortify protection for clients’ accounts within the securities sector, as per a statement.
This decision modifies the FRA’s prior Decision No. 61 of 2017 by establishing restrictions on financial transfers and deposits between accounts, focusing on preventing unauthorized access and improving compliance with anti-money laundering and anti-terrorism financing regulations.
Following extensive community dialogue sessions, which included input from representatives of securities companies, the authority decided that all financial transfers between client accounts are prohibited unless conducted by the account holder, or, in certain cases, their close family members up to the second degree, such as spouses and immediate relatives.
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