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Proposal for Financial Reporting Standard (FRS). Dealing with Account Operations and Correspondence.

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Proposal for a new Financial Reporting Standard (FRS). Dealing with Account Operations and Correspondence.
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  Proposal for Financial Reporting Standard: Dealing with Account Operations and Correspondence. Morganist Economics copyright © October 2014 Peter J R Morgan. 1 | Page  Proposal for Financial Reporting Standard; Dealing with Account Operations and Correspondence. Peter James Rhys Morgan.  Proposal for Financial Reporting Standard: Dealing with Account Operations and Correspondence. Morganist Economics copyright © October 2014 Peter J R Morgan. 2 | Page  All rights reserved. no part of this book may be reproduced, stored in a retrieval system or transmitted in any form or by any means, without the prior written permission of the author, except in the case of brief quotations embodied in critical articles or reviews. Published in October 2014 by Morganist Economics. Blog: morganisteconomics.blogspot.com Copyright © 2014 Peter James Rhys Morgan.  Proposal for Financial Reporting Standard: Dealing with Account Operations and Correspondence. Morganist Economics copyright © October 2014 Peter J R Morgan. 3 | Page  Aims and Objectives of the Proposed Financial Reporting Standard. Dealing with Account Operations and Correspondence. Aims to; -Set a detailed definition of the classification of an account and set the regulation by which they are expected follow. -Set a framework of documentation that helps the reduction and investigation of fraudulent activity of accounts. -Set detailed regulation for identification of account user's/holder's. -Set detailed regulation for correspondence and the secure storage of documentation between the account operator/provider and the account user/holder. -Set detailed regulation for the contents of documentation for sufficient financial records and legal protection for both account operator/provider and account user/holder. -Set a functional procedure of how to close an account in writing within 30 days of the receipt of the request by the account operator/provider. Objectives are; -To provide a framework of the correct procedure and mandatory requirements to perform identity checks before the account is opened, closed or operated/used. Including the forms of identification that are necessary to open, close or operate/use an account, such as Passport, Birth Certificate and Utility Bill inspections. Making sure the person who is operating the account is who they claim to be. Security requirements of both the account operator/provider and the account user/holder are to be set and/or recommended. -To provide appropriate correspondence and documentation for both the account operator/provider and account user/holder to be able to fulfil financial and legal requirements regarding the operation and use of the account. Including evidence of the opening, closing and functional activity (statements) of the account and the identity, address and other contact details of both the account operator/provider and the account user/holder. -To provide a framework of expected contents within documentation and correspondence to ensure all necessary information is supplied by the account operator/provider to a standard that is usable within a court of law. Making sure explanations of the expectations/requirements of both the account operator/provider and the account user/holder are clear in the documentation, so that both parties are aware of the responsibilities of operating the account. -To provide a procedure of how to close an account, which has been proven difficult by many account user's/holder's. This is will include the ability to close any account within 30 days of the  Proposal for Financial Reporting Standard: Dealing with Account Operations and Correspondence. Morganist Economics copyright © October 2014 Peter J R Morgan. 4 | Page request in writing, regardless of whether the account is operated at branches, online, telephone or mail. If the account is operated at branches it should be made possible to close the account within 48hrs of the request assuming positive identification of the account user/holder is made. -To provide a procedure of how to handle suspected fraudulent activity on the account by either the account operator/provider, the account user/holder or another party. This includes details of the requirement to correspond with the account user/holder when suspicion of fraudulent activity occurs. It is also required to provide a procedure of how to correspond with the account user/holder if the account is frozen and to provide a procedure that the account user/holder has to follow if they suspect either the account operator/provider or another party has committed illegal activity regarding the account.

MNDBME03.pdf

Jul 23, 2017
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