Through its work with Banks and Money Service Businesses in highly regulated markets, IMX Software has developed new regulatory reporting offerings, covering the requirements of Central Bank Cross-Border Reporting and the newly-established UN Office on Drugs & Crime ‘goAML’ standard.


These new offerings can be deployed in conjunction with, or separately from, IMX’s retail currency trading capability and allow clients to maintain long term compliance with fast-evolving regulatory reporting standards.

IMX Products:   GTS-CB/Report

Central Bank & Cross Border reporting

  GTS-goAML/Report

goAML Financial Intelligence Unit reporting

Product type: Specialised reporting engine that is compliant to CB requirements for automated submission of balance of payments reports. Specialised reporting engine that meets FIU requirements for automated submission of transactional trading data according to the goAML standard defined by the United Nations Office on Drugs and Crime (UNODC) to enhance the capacity of organisations to detect crime, especially money laundering and terrorist financing, and to meet international standards on anti-money laundering and terrorist financing.
High level product description:
  • Allows Authorised Dealers (AD) & ADs with Limited Authority (ADLA) to comply with the complex reporting requirements set out by the Central Bank.
  • Fully compliant with the latest version of the Exchange Control specifications set out by the CB e.g. FINSURV in South Africa.
  • Delivers Balance of Payments (BOP) reporting to the CB.
  • Validation, automated submission & reconciliation of cross-border transactions.
  • Reports on suspicious transactions or activities, financial transactions or events and cash transactions exceeding a prescribed threshold.
  • Provides secure electronic delivery of all report types, e.g. SAR, STR, CTR, EFTs, TPR to the Financial Intelligence Units.
  • Designed to fit the needs of any organization irrespective of size and is well suited to both low and high volume environments.
Key features:

Validation module

  • Web service that takes in incoming transactions in different format and from types of external systems, e.g. SWIFT, core banking, treasury, trade finance.
  • Determine reporting type (BOPCUS, BOPCARD, NON REPORTABLE, etc)
  • These transactions are validated against the CB rules, e.g. correct categories, residential status and product combinations. Ensure all required fields are captured and validated etc.
  • Web service can also be called by external systems to determine which fields are required for the different reporting combinations.
  • Alternatively, transactions can be imported from a file generated by an external system.
  • Significantly reduces the number of rejections, e.g. each individual field is validated in terms of the CB schema specifications
  • Web service to take in data from any external system, whilst checking data for completeness and accuracy, e.g. all required fields are present, data types are correct, etc. for each report type
  • Mandatory fields for reports are configured and enforced
  • These transactions are validated against the goAML schema rules, e.g. correct data for the different types of reports are captured and validated
  • Alternatively, transactions can be imported from a file generated by an external system
  • Significantly reduces the number of rejections, e.g. each individual field is validated in terms of the goAML schema

Enrichment module

  • Transactions which do not pass the validation module, but still need to be reported on, are placed in a holding queue for manual correction
  • Corrected transactions are then sent back to the validation module. Validation can be invoked as the data is being corrected/enriched
  • Full audit trail and security of all corrections, e.g. 4-eyes/dual authorization, log original transaction and subsequent corrections
  • Transactions which do not pass the validation module, but still need to be reported on, are placed in a holding queue for manual correction
  • Corrected transactions are then sent back to the validation module. Validation can be invoked as the data is being corrected/enriched
  • Full audit trail and security of all corrections, e.g. 4-eyes/dual authorization, log original transaction and subsequent corrections

Submission

  • Validated transactions are batched and securely electronically submitted to the CB
  • Any rejected transactions from CB go back into the enrichment module for review and correction
  • Component provides secure electronic online delivery of report
  • Upload of XML data messages via SSL 512 bit encryption

Balancing Module

Comprehensive suite of audit reports including;

  • RCOMP – 833 Completed Transactions
  • RGL03 – Inward
  • RGL03 – Outward
  • RGLREP01 – RGL Reportable Transactions
  • RGLREP02 – RGL Non- Reportable Transactions
  • RGLREP03 – RGL Reportable Transactions (Off-Site Inspect)
  • RINCOMP – 833 Incomplete Transactions
  • RSARB01 – RSARB Reported Transactions
  • RSARB02 – RSARB Error Transactions
  • RSARB03I – RSARB03 Inward
  • RSARB03O – RSARB03 Outward
  • RSARB_CNC – RSARB Cancellations
Comprehensive suite of audit reports including;

  • SAR – Suspicious Activity Reports
  • STR – Suspicious Transaction Reports
  • CTR – Cash Threshold Reports
  • EFT – Electronic Funds Transfer Reports
  • TPR – Terrorist Report
Applicable to:
  • Banks
  • Remittance Operators
  • Bureau de Change
  • International Payments Providers
Deployment model:
  • Software-as-a-Service (SaaS)
  • On-premise software
Technology: Created using modern Microsoft .NET/SQL technologies and frameworks