Draft from the article outline in the copy deck. Full text of 1,200 to 1,800 words to follow after owner review.
Context
The Synapse shortfall, which the CFPB put at roughly USD 60 to 90 million, and the FDIC's proposal for reconciliation at least daily. [VERIFY against primary CFPB and FDIC sources before publishing]
The ledger of record
Who holds it, and why it matters when a partner fails or a dispute arises.
Three-way matching
Internal ledger, partner reports and bank statement, matched every day rather than at month end.
Break categories, owners and ageing limits
Every break has a category, a named owner and a limit on how long it may stay open before it is escalated.
Daily, weekly and month-end routines
What runs each day, what is reviewed each week and what is signed off each month.
The evidence pack
The reports partners and regulators ask for in a review, kept current rather than assembled on request. [OWNER: downloadable checklist (PDF)]
Sources
[Sources list with links and Last checked dates to be added before publishing]
Related engagement: Money Movement Audit.
Munro Banting advises, designs and builds. Client funds are held and moved only by licensed partners. Munro Banting does not hold, transmit or exchange client funds.