This guide is written for forex brokers, CIFs, payment and trading firms. Rules change regularly and individual circumstances vary, so speak to a Tsquared accountant before acting. We regularly help clients with capital adequacy under ifr/ifd, client-money reconciliations, cysec prudential returns.
Key points
- Daily reconciliations
- Segregated accounts
- Breach reporting
- Auditor's report to CySEC
Challenges you face, solutions we provide
Challenge: Capital adequacy under IFR/IFD
Our solution: Monthly IFR/IFD monitoring against minimum, fixed-overheads and K-factor requirements
Challenge: Client-money reconciliations
Our solution: Daily client-money reconciliations and the annual safeguarding audit
Challenge: CySEC prudential returns
Our solution: Every CySEC prudential and statistical return filed on time
Challenge: Introducing-broker payments
Our solution: IB and affiliate contracts, VAT treatment and KYC kept clean
Challenge: Transfer pricing across groups
Our solution: Transfer-pricing documentation and benchmarking for the whole group
Frequently asked questions
- Client-money reconciliations: what's the short answer?
- CIFs must reconcile client money and assets daily and keep them segregated from company funds, with external audit of safeguarding each year.
- Can Tsquared help with client-money reconciliations?
- Yes. We advise forex brokers, CIFs, payment and trading firms in Cyprus on client-money reconciliations and handle the filings for you.