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8. Payment of Client Money into Client Accounts

(1) Where a Licensed Firm receives Client Money it must ensure, subject to paragraph (5) below, that the Client Money is paid into a Client Account as soon as possible and in any event a Licensed Firm must, within five (5) business days of receipt, instruct its bank to effect that transfer.
(2) If the Client Money is received by a Licensed Firm in the form of an automated transfer, it must take reasonable steps to ensure that–
(a) the money is received directly into a Client Account, and
(b) if money is received directly into the Licensed Firm's own account, the money is transferred into a Client Account without delay and in any event a Licensed Firm must, within one (1) business day of receipt, instruct its bank to effect the transfer.
(3) If a Licensed Firm receives a mixed remittance (part Client Money and part other money), it must–
(a) pay the full sum into a Client Account in accordance with Rule 8(2), and
(b) transfer out that part of the payment which is not Client Money as soon as practicable and in any event a Licensed Firm must, within five (5) business days of the day on which it would normally expect the remittance to be cleared, instruct its bank to effect the transfer.
(4) A Licensed Firm may only pay, or permit to be paid, Client Money into a Client Account where it has undertaken a prior assessment of the suitability of the relevant bank and concluded on reasonable grounds that the bank is suitable to hold that Client Money in a Client Account.
(5) The requirement for a Licensed Firm to pay Client Money into a Client Account does not apply with respect to Client Money–
(a) received in the form of cheque, or other payable order, until the Licensed Firm is in receipt of the proceeds of that cheque, or
(b) temporarily held, for a maximum period of 30 days from the date of receipt or, if received in the form of a cheque, from the date of receipt of the proceeds of that cheque, by a Licensed Firm before forwarding to a person or entity nominated by the Client.
(6) A Licensed Firm must have procedures for identifying Client Money received by it.