Who is responsible for safekeeping of monies and securities?

The responsibility for the safekeeping of monies and securities typically falls to financial institutions, such as banks and investment firms, which have established protocols and security measures in place. Additionally, fiduciaries, such as trustees or custodians, may also be tasked with safeguarding these assets on behalf of individuals or organizations. Regulatory bodies oversee these institutions to ensure compliance with laws and regulations governing the protection of client funds. Ultimately, the account holder or owner retains a level of responsibility for monitoring their accounts.