INMA 5.3.2 Money that is not client money — cheques sent to regulated financial institutions

(1) Client money of an INMA firm does not include a cheque received from a customer that is payable to a regulated financial institution, if:
(a) the cheque is not collected or paid in the QFC; but
(b) the firm sends it to the financial institution, in accordance with the customer's instructions, as soon as practicable (but no later than 2 business days after the day when the firm receives it).
(2) An investment business firm must make and retain:
(a) a record of every cheque to which subrule (1) applies; and
(b) a copy of each such cheque.
(3) The record of such a cheque must include the following details:
(a) the customer's name;
(b) the name of the financial institution;
(c) the date on which the firm received the cheque;
(d) the date on which the firm sent it to the financial institution.
(4) In this rule:

regulated financial institution means an entity that is not an authorised firm but is authorised or licensed in a jurisdiction other than the QFC to carry on a financial service.
Derived from QFCRA RM/2014-4 (as from 1st January 2015).