ACI issues reminder on funds
ACI said counterparties should be immediately informed, in writing or electronically, of any discrepancies found in confirmations. While it conceded that there could be "slight delays" between the receipt of excess funds and their eventual repayment, these delays should be reduced to "a matter of days".
The ACI’s statement followed a Financial Times report into a case at Royal Bank of Canada in London, which prompted an investigation from UK regulator the Financial Services Authority last year.
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