IMEB 3.1.2 What is a client bank account?

(1) A client bank account of a firm is a bank account maintained by the firm with an eligible bank as a bank account for client money received from 1 or more of the firm's clients.

Note Certain firms are not allowed to hold client money (see chapter 5).
(2) A client bank account of an eligible intermediary is a bank account maintained by the eligible intermediary with an eligible bank as a bank account for client money received from a producing intermediary or other eligible intermediary as part of a transfer or series of transfers under part 3.7 (Transfer of client money to eligible intermediaries).

Note Eligible bank, eligible intermediary, producing intermediary and client are defined in the glossary.
Derived from QFCRA RM/2011-3 (as from 1st July 2011)