The MIMICS Compliance Management module helps protect your organization by ensuring you are guarded against suspicious or fraudulent activity from any customers, while also keeping you in compliance with regulatory agencies with full reporting.
On the customer side, Compliance options can be set up in several ways, including Account Overdraws and Transaction Limit Exceptions. There is an optional check box to Check Limits Upon Approval.
Account overdraws can be set up with Allow with Warning and Disallow options. If Allow with Warning is selected, the transaction will be approved but with a warning message to users. If Disallow is selected, the transaction is not allowed and a warning message is issued.
Transaction Limit Exceptions can be set to Allow with Warning or Disallow options as well. Allow with Warning will push the transaction while sending a warning to users and Disallow will stop the transaction with a warning also issued.
Disbursement Exceptions, Transfer Exceptions, Trade Exceptions and Receipt Exceptions can all be searched for by date range, Portfolio, Entered By, and Currency. Rejected Entries and Wires can be filtered. Grids are available for review, analysis and any necessary actions that need to be taken on the transactions.
Suspicious activity settings can be searched and reported on. These include searching by Amount Over Anticipated, Percent Over Anticipated and Absolute Amount Exceeds. Deposit and Withdrawal Limits warning can be set. High payoff loan values can also be flagged.
Transfer searches between customers can be filtered and reported on. Warnings can be issued for any transfers high-risk members to moderate-risk members to ensure money is not being moved illicitly. Full reporting is available by date range, amount, etc.
Suspicious Deposits functionality enables users to search and report, while filtering for all customers or individual customers, and then by type of activity – Suspicious, Not Suspicious, Not Determined or All. Date ranges and minimum amounts can be added as additional filters.
Contact sales@mimics.com for more information.