a)The Licensed Person must appoint an Accountant who is primarily responsible to maintain appropriate books of accounts and prepare periodical financial reports for submission to the Central Bank;
b)The job title of the Accountant may vary at the discretion of the Licensed Person, for example Accounts Manager, Chief Accountant, etc.; and
c)The Accountant must possess sufficient knowledge and appropriate experience to deal with all issues related to the bookkeeping, financial accounting, reporting to the Central Bank and to manage the annual audit of the books of accounts by External Auditors.
7.1.2Accountant’s Responsibilities (the list is not exhaustive)
a)Ensure accuracy and completeness in the bookkeeping and financial accounting;
b)Arrange to submit accurate regulatory reports, such as monthly returns, quarterly returns, monthly remittance reports, audited financial statements, etc. within the submission deadlines to the Central Bank;
c)Obtain statements related to remittances, foreign currency export/import, hedge accounts or special products/services from banks, remittance partners or other relevant institutions/partners to perform reconciliation of balances on a regular basis, preferably daily;
d)Investigate differences identified during the reconciliation process and report all unreconciled items to the Manager in Charge immediately;
e)Assess the amount of unclaimed funds as on the last day of every month; and
f)Assess the liquidity position and capital adequacy on a regular basis to inform the Manager in Charge.
7.1.3Books of Accounts
a)The Licensed Person must maintain comprehensive and accurate books of accounts and supporting records that reflect its correct liquidity/financial positions at all times;
b)The books of accounts and other records must be available within the UAE at all times and for the examination by the Central Bank;
c)The Licensed Person must introduce automated books of accounts in order to generate periodical Central Bank returns with the aid of suitable accounting software; and
d)The systems of the Licensed Person must be capable of generating appropriate reports related to the foreign currency exchange and remittance transactions at any point in time and for any period. Such reports must provide the below information at a minimum:
•Number, total value and average value of transactions for each product;
•Number, total value and average value of foreign currency exchange transactions for each currency;
•Number, total value and average value of outward/inward money transfers to/from each correspondent, country and for each currency; and
•Number, total value and average value of outward/inward money transfers via instant money transfer service providers to/from each service provider, country and for each currency.