Money Laundering Act comments on transactions
To combat money laundering and the financing of terrorism, banks must meet certain regulatory requirements, including the verification of transactions that exceed certain amounts. The inspection must be carried out and the result must be documented.
The Infront Portfolio Manager supports you here with the "Money Laundering Act Commentary" feature. You can enter and save a Money Laundering Act comment (up to 255 characters) for each transaction. These comments are also included in the change tracking. The processor (Infront Portfolio Manager user) and the date and time are also saved.
This information can also be queried via MM-Talk; you will find corresponding new columns in the "Transaction list" report, for example.
Money Laundering Act Compliance Commentary
In addition to the "Money Laundering Act Commentary" functionality described above, a "Money Laundering Act Compliance Commentary" is also available as an extension. To do this, you need the new object right "Create, change and delete compliance comment on transactions" in the user administration.
With the "Money Laundering Act Compliance Commentary", you also have the option of supporting and documenting the work of the compliance department in this area and also including it in the change tracking. This allows the compliance department to check the Money Laundering Act comments and request further information if necessary.
This information - MLA compliance comment, MLA compliance status, user, date and time - can also be queried via MM-Talk and created as columns in the transaction list.
When exchanging data via MME files, the new fields are supported, i.e. they are exported and imported together with the transactions.