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Orbital

Why IQEMBU?

  • Compliance to the FICA requirements should not be a problem as it is currently the case, as a result of the difficulties in managing and ensuring compliance with the KYC regulations.
  • As much as it is important to comply with the requirement of reporting, so is effective management of the report submissions, and the statistical reports measuring performance thus reducing the non-compliance risk exposure.
  • With an extensive knowledge, skills and experience on the implementation of FICA requirements, IQembu and its partners has positioned itself to improve and streamline your FICA compliance process. This experience is backed by a number of years at the FIC and having worked on some of the systems to facilitate complying with the requirements of the FIC Act.
  • It is this wealth of experience, skills set and proper tools that we at IQembu believe is a value proposition to your company to drive and improve your FICA compliance regime.

Challenges that IQembu is capable of solving

  • KYC conformance
  • Conformance to Reporting Period
  • Reporting Statistical Information
  • Monitoring and Tracking of Report Submissions
  • Reporting alignment with Internal processes
  • Ad-hoc regeneration of submitted report
  • Reduced report capturing
  • Possible unavailability or Poor response of the reporting system
  • Complete View of the Reporting function.

About Orbital Solution

Orbital Solution is aimed at assisting institutions with the management of the processes aimed at ensuring compliance to the obligations imposed by Financial Intelligence Units (FIU) i.e. FIC.

Feature Sets

  • Site Audits
  • Offline Capturing of Reports {Section 28, 28A, 29 (STR, TPR, CTR)}
  • Multiple or Group Company Structure Reporting Capability
  • Single and Batch Submission of Reports {Section 28, 28A, 29 (STR, TPR, CTR)}
  • Creates Reusable KYC Information (Client Base)
  • Registered Institution Management
  • Archiving and Backup
  • Statistical Reporting

    • Benefits

  • Review and rectify captured reports prior to submission - reduction of red data submission to FIC
  • Increases Productivity in capturing and submitting Regulatory Reports
  • Allows multiple or group company structure (including Users) reporting
  • Simplifies Compliance to FIC and Conforms to all FIC Technical specifications
  • Increases Productivity in capturing and submitting Regulatory Reports
  • Allows multiple or group company structure as is the case with Banks
  • Provides Audit trail by keeping PDF records of Reports submitted and Statistics thereof.
  • Allows institutions to set and measure their KPI’s. Maintain portfolio of evidence for audit purposes.

    • Reporting Management (Quality Assurance)

    Orbital provides clients with the ability to maintain quality on reports sent to FIC by allowing clients to:

    • View offline captured information on reports and rectify errors prior to submission to FIC
    • Keep records of Entities, Accounts and KYC information of clients for reuse thus avoiding repeated capturing and errors.
    • Reports contained in the batch reports can be viewed and erroneous reports are highlighted in red for rectification prior to the batch submission.

    Offline Report Capturing

    The Offline Capturing Capability enables clients to capture reports offline and submit reports only when ready.

    • This enable Clients to:
    • Save time by not capturing reports on FIC web forms. i.e. No timeouts, hanging web forms.
    • Have control and manage the report capturing process and when to submit. KPI for reporting officers can be defined and correctly measured.
    • Clear and seamless forms that conforms to your business

    Multiple/Group Structure Reporting

    Orbital conforms to the Group/multiple Reporting structure, thus allowing:

    • Reporting Officers can report and switch between multiple organisations with ease.
    • No maintenance of multiple logins to the system, as is currently the case with FIC registrations

    Batch or Single Report Submission

    • Orbital allows users to submit both single and or batch reports to FIC:
    • Conforms to both batch and web service specifications as defined by FIC
    • No re-registration with FIC is required from the Institution
    • Offline captured reports utilises the single reporting mechanism

    Reusable KYC Information

    • Most of the time in capturing reports is spent on capturing the Client’s Information:
    • Orbital keeps KYC information for reuse in future reports involving the client, thus saving the RO a lot of time.
    • The KYC information can be used in the batch reports as well.

    Archiving and Backup

    • Orbital keeps submitted reports archived in “pdf” format.
    • Reports can be backed up for future reference or during audit visits by FIC.
    • Produce accurate statistics of reports submitted to FIC

    Solution Architecture

    • The Solution is founded on Advanced Extract Transform and Load architecture models that facilitate the Complex Pattern and Trend Analysis.
    • Encompassed within the solution is a robust framework that allow for easy extensibility into heterogeneous environments.
    • The solution is built using the Microsoft .Net Framework and fully compliant with Service Oriented Architectures and industry database standards.
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