IMX Software has successfully upgraded eight bank and bureau clients in Namibia to its GTS-Retail software, in line with new reporting requirements from the Bank of Namibia which came into effect this quarter.
The clients include five authorized dealers with limited authority (ADLAs) who are also using GTS-Retail as the point-of-sale solution in their FX bureau branches, and three bank clients using GTS-Retail as their cross-border transaction reporting system.
The IMX solution has been updated to the new Bank of Namibia standards and includes powerful features that streamline regulatory reporting for financial institutions in southern Africa dealing in foreign exchange.
The updated compliance software enables banks, licensed retail forex bureaus and remittance providers in the Common Monetary Area (CMA) to easily comply with the reporting requirements of their countries’ Financial Intelligence Units and central banks.
Says Hennie Pretorius, General Manager at IMX Software South Africa: “We are pleased to announce that through our proactive work with the regulatory authorities over the past 12 months we were able to update our solution in good time to assist our Namibian clients to meet their evolving KYC and anti-money laundering obligations under this new reporting standard for financial institutions in Namibia.”