Accounting for Customer Remittance Advices and Agent's Current Account

D

The responsibility for accounting for customer remittance advices and the agent's current account falls under the purview of the accounts department of a financial institution.

Remittance advices are documents that provide details of a customer's payment, including the amount paid, date of payment, and the reason for payment. The accounts department is responsible for recording these details and reconciling them with the customer's account to ensure accurate accounting.

Similarly, the agent's current account refers to the account maintained by an agent with the financial institution to track their commissions and fees earned from their business activities. The accounts department is responsible for recording and reconciling these transactions to ensure that the agent is paid accurately and in a timely manner.

Customer release policy and payment policy are more related to the overall policies and procedures of the financial institution with regards to releasing customer information and processing payments, respectively. These policies may impact how the accounts department carries out its responsibilities, but they are not directly responsible for accounting for remittance advices and the agent's current account.

The premium collection department, on the other hand, is responsible for collecting premiums from customers, and may not be directly involved in the accounting for customer remittance advices or the agent's current account.

Therefore, the correct answer to the question is A. Accounts department.