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Call our incident response team 24/7 on +44 (0) 207 459 4888 for immediate help from our friendly experts

28 October 2022

1 min read

Are your cash correspondent banks segregating client cash?

Bank Network Management

About the author

Caroline McCreadie

Director | Cash and Network Manager | Global Network Management

Caroline is an experienced Network Manager. She is responsible for the Middle East and African regions, as well as running our Cash Correspondent Monitoring Programme. Before joining Thomas Murray in 2017, Caroline worked as a Network Manager at Standard Chartered Bank in Johannesburg, South Africa and for many years at Morgan Stanley in London, UK in both Treasury and Network Management.

Under the many global banking rules (i.e. UK CASS, SEC Rule 15(c)3-3), on receipt of client funds all regulated firms must promptly place all client money into one or more client bank accounts. The funds must be held separately and be easily distinguishable from the firm’s own proprietary bank accounts, even in instances where the money concerned is held for only a short time before being paid onward.

Based on the 370 cash correspondent monitoring (CCM) questionnaire submissions for 2023, 78.92% of all cash correspondent banks do keep client cash segregated and identifiable. However, alarmingly, 6.49% of respondents said they do not segregate and identify client cash.

Do you understand what your bank does with client money?

By joining the CCM programme, this information is requested as part of the questionnaire. If you would like further information regarding our product, please contact one of our experts.