MIMICS Exchange Control System for Central Banks Overview
MIMICS offers a complete software solution for Central Bank financial operations. The MIMICS Exchange Control System tracks activity that affects the domestic currency supply and transactions with international financial implications.
Foreign Currency Accounts
The system manages Foreign Currency Accounts, including the list of approved accounts and the history of the account transactions. The account setup tracks information such as the company in ownership of the account, the account type, bank, branch, sector, approval information, location, and if it is tied to Foreign Direct Investment (described below). The system tracks the activity on the account, including the transaction date, debit or credit amount, payee, purpose, and transfer information in the case where funds are transferred between accounts. This information can also be imported from a bank statement, or submitted by the account holder via a web interface (described below). Full reporting is available of account lists and history of account activity.
Foreign Direct Investment
The system maintains a register of all Foreign Direct Investment situations, including Foreign Investment Projects and Portfolio Investment. Information is saved such as the Investment project type, size, projected completion date, approval info, the companies involved in the project, contact information, business license information, legal firm and attorney information, and beneficiaries. The system can also track the funding of the projects, including the history of loans made to the project and loan draw history. The project activity is tracked, including the expenditure in different areas and number of foreign and local workers employed. The types of information that can be saved is flexible and can be customized to your exact specifications with data settings. The periodic project activity can be submitted remotely by the company via a web interface (described below).
MIMICS can provide a web interface that is tailored to the look of your existing web interface that allows Companies to log on. The Companies can submit information through the web interface via grid entry or spreadsheet uploads for such information as foreign account activity or foreign investment project activity. Allowing the companies to submit their information remotely can dramatically reduce the amount of data entry done at the Central Bank. The companies can also print or download reports from the web interface for their submission history, activity history, renewals due and renewal requirements.
Exchange Approval can be tracked through the system. Pending approvals are managed. Letters or notifications for approval or rejection are produced in your customized format. The full history of approvals is saved.
License / Renewal Tracking
Renewal and expiration dates for various different types of activities are tracked and notifications produced. There is a flexible setup to handle any type of Renewal Requirements. The completion of the individual requirements is tracked and a full history is saved.
An extensive list of reports is included in the system. They include detailed information about accounts, investment projects, activity submission, and history.
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