ADVOKS GLOBAL · KENYA
The Capital Markets (Online Foreign Exchange Trading) Regulations
21. Maintenance of books of accounts, records etc.
Edition: 2023-10-06 · In force
21. Maintenance of books of accounts, records etc.
(1)An online foreign exchange broker or a money manager shall prepare and maintain books of accounts and other documents which shall disclose a true, accurate and up to date position of the business in electronic or manual form.(2)The books of accounts, documents and records prepared and maintained under paragraph (1) shall include—(a)journals or other comparable records;(b)cash books and any other books of original entry that form the basis of entries into any ledger, including books that contain daily records of all orders for purchase or sale of foreign exchange, all purchases and sales of foreign exchange and all other debits and credits;(c)ledgers or other comparable records reflecting asset, liability, reserve, capital, income and expense accounts;(d)ledgers or other comparable records reflecting foreign exchange bought or sold, of which the delivery is delayed;(e)records of all balances of all ledger accounts in the form of trial balances to be prepared at least once at the end of the six months of every year of account; and(f)records of transactions with the banks including clients' deposits and withdrawals from the client group account maintained with a licensed bank.(3)The books of accounts and other documents prepared and maintained under these Regulations shall be preserved for a minimum period of seven years.