Report on the Description of the National Settlement Depository Controls, Suitability of Controls Design and Operating Effectiveness,
12 October, 2015
23
Ref # Control procedure
Testing performed
Results of tests
1.5
Client orders for the closure of depo, trading and/or bank
accounts are reviewed and authorized by a member of the Client
Relations department in advance of the account closure.
For a sample of closed accounts re-performed the review
procedures and ensured that all client orders were
authorized in advance of the account closure.
No exceptions noted
1.6
Functionality within Alameda and ASER prevents the closure of
accounts with a balance greater than zero.
Inspected the account closing procedure in Alameda and
ASER and noted that the system functionality prevents the
closure of accounts with a balance greater than zero.
No exceptions noted
