2.5. Segregation of Functions

Effective from Sep 24 2019 - Dec 31 2019
To view other versions open the versions tab on the right

21.	A FBB should ensure that the performance of multiple functions by its relevant persons does not and is not likely to prevent those persons from discharging any particular functions soundly, honestly and professionally. The senior personnel within the FBB should define arrangements concerning the segregation of duties within the branch and the prevention of conflicts.
22.	A FBB should ensure that no single individual has unrestricted authority to do all of the following:
	i.	Initiate a transaction;
	ii.	Bind the FBB;
	iii.	Make payments; and
	iv.	Account for it.
23.	Where a FBB is unable to ensure the complete segregation of duties because the branch has a limited number of staff, it should ensure that there is adequate compensating controls in place such as frequent review of an area by relevant branch senior managers.