Legal & Audit Manager - LAM™ Module
Legal & Audit Manager - LAM™ module, developed by CubeIQ, enchases Prime Compliance Suite™ - PCS™ capabilities on searching and suspicious activity reporting to Anti-Money Laundering authorities by establishing streamline operational procedures and uniform presentation of findings. LAM™ enchases Prime Compliance Suite™ security also by introducing new functionality such as traceability and auditability on all system searches for suspicious activity.
Reporting following PCS™ databse searches on requests from Competent Authorities (Central Bank, Ministry of Economy & Finance, Ministry of Justice, Tax Authorities Customs, Police, Regulatory Authorities etc.).
Management of requesting organizations identifying details.
Legal & Audit Manager captures and maintains information of requesting organizations. Organization name, division, department, section and individual(s) employees’ details (family name, first name, position, title, phone & fax numbers and email addresses) are kept for future use and audit purposes. Organization identification data are linked with data sets of requests for information and their corresponding findings.
Comprehensive searching for customer and transaction information corresponding to a specific request.
Searches are executed based on different criteria such as customer(s) name, legal or commercial name or commercial trade mark for a company(s), search time period, one or multiple accounts, transaction type(s) to be included, transaction activity to be searched etc. Each individual search takes a unique number (unique search number – USN) which is the index of the search in the database. Any search can be linked to a previous search by entering the USN in the “Previous/Original Request” field of the search screen. In this way multiple searches can be linked in a serial fashion so that they constitute a chain of searches for a specific physical of legal entity. Searches can be executed immediately, or scheduled for a later time (since searched might be very intensive, scheduling them improves system performance).
Search results preview and approval by authorized personnel.
Once the search had been completed, its result can be viewed by authorized personnel. Customers with matching names as well as the corresponding account numbers and related transactions will be selected as part of the report. Customer names that were eliminated from the report, if any, will be tracked, so that there is a complete audit trail of all manipulations of the results.
Reporting of the approved search results: Usage of pre-define response templates.
Legal & Audit Manager maintains different letter & report templates (5 at the current version) that are used to respond to the requesting party. Selection of the template used per cases for reporting is based on the type of request.
Storage of the approved search results.
On report finalization Legal & Audit Manager creates a data set, called “audit data set”, that contains (a) the details of the organization and its employee(s) that requested the report, (b) the results of the original search including customer names that were eliminated, (c) the actual final report will be submitted to the requesting organization and (d) the actual original document in electronic or scanned (from the physical) form that initiated the search. This data set is stored in the database, locked (changes are not allowed), so that a complete audit trail of the request, the search, the manipulations and the final reports to be available for future audit purposes.
Legal & Audit Manager - LAM™ module generates the standard regulatory reports includig Suspicious Activity Report – SAR, Suspicious Transaction Report – STR, Currency Transaction Report – CTR and related reports for several regulatory authorities such as:
- Bank of Greece
- Hellenic FIU
- FATCA (XML Schema v20)
- DAC2-6 (CRS)
- UNDOC (UN goAML™)
- SANS (Bulgaria)
- Bulgarian National Bank
- MOKAS (Cypriot FIU)
- Central Bank of Cyprus