Overview

Financial Intelligence Centre (FIC) compliance is crucial for microlenders. To meet these regulatory requirements, MAXMONEY facilitates essential risk aversion and customer due diligence processes. While conducting a FIC inquiry incurs a cost, it ensures adherence to anti-money laundering (AML) guidelines.

Infographic

• For a visual representation,  View the Infographic (click on this link)

Scope

MAXMONEY enables microlenders to perform crucial compliance checks directly within the system:

• Politically Exposed Person (PEP) Checks: Identifies individuals who hold, or have held, prominent public functions.

• Identity Verification (IDV): Confirms the authenticity of a client's identity based on their ID, first name, and surname.

• Sanctions Checks: Determines if a client appears on any international sanctions lists.

For audit purposes, microlenders can generate comprehensive case management reports directly from the Beeswax system.

Note: Beeswax does not support passport information for verification.

Resources and Setup

User Role Permissions

To manage FIC functionalities, specific permissions must be assigned within MAXMONEY. Navigate to Setups > Security > Roles > Edit Role and configure the following client-related permissions:

• Client FIC Enquiry: Allows users to initiate FIC inquiries.

• Client FIC View: Grants users the ability to view the history of FIC inquiries.

• Setup FIC Setup: Permits users to configure the FIC integration settings.

FIC Setup: Beeswax

To integrate with Beeswax, navigate to Setups > FIC > Beeswax. Configure the following settings:

• Enabled: Select this option to activate FIC functionality for the entity.

• Force IDV Check: If enabled, an ID verification check must be successfully completed before a new loan can be created.

  • Force IDV Check Frequency (days): Indicate the frequency of the ID verification.

• Force Sanctions Check: If enabled, a Sanctions check must be successfully completed before a new loan can be created.

  • Force Sanctions Check Frequency (days): Indicate the frequency of the sanctions check.

• Force PEP Check: If enabled, a PEP check must be successfully completed before a new loan can be created.

  • Force PEP Check Frequency (days): Indicate the frequency of the PIP/PEP check.

• Bearer Token: Enter the unique token provided by Beeswax for your entity. This token establishes the secure connection between MAXMONEY and Beeswax.

Managing FIC in MAXMONEY

Client Administration

To access and manage client-specific FIC information, navigate to Client Administration > Search for a Client.

FIC Enquiry

From the client's profile, select FIC Enquiry.

• If no previous inquiries have been conducted for the client, the Date of previous Inquiry field will be empty.

• To initiate a new inquiry for a specific check type (e.g., PEP, IDV, Sanctions), tick the corresponding box and click Next. This action triggers a real-time call to Beeswax, and the results will be displayed on the subsequent page.

• If an inquiry type is not ticked, a new Beeswax call will not be made for that type. The system will display the date and result of any previous inquiry, or a message indicating that the inquiry has never been performed.

• Any errors during the inquiry process will be clearly displayed on the page.

Specific inquiry types and their definitions:

• Is a PEP: Determines if the individual is identified as a Politically Exposed Person.

• Valid ID: Verifies if the provided ID number, first name, and surname match a valid identification record.

• On Sanctions List: Checks if the individual's name appears on any sanctions lists. If a match is found, further investigation should be conducted directly within the Beeswax system.

Edit Client - FIC

To view a client's FIC check history and current status, navigate to Client Administration > Search for a Client > Edit Client > FIC.

• This section allows you to view the history of checks performed for the client.

• You can also view the latest status of each check:

  • Is a PEP: Indicates if the PEP check identified the person as politically influential.

  • Valid ID: Shows if the ID, first name, and surname were successfully matched to a valid record.

  • On Sanctions List: Displays whether the person was found on a Sanctions list. If so, further investigation is required via Beeswax.

• To perform a new FIC inquiry from this screen, click the Do FIC enquiry button.

New Loan Process Integration

When creating a new loan via Client Administration > Search for a Client > New Loan, MAXMONEY integrates FIC checks based on your setup configurations.

• If any FIC checks (IDV, Sanctions, PEP) are forced in the FIC Setup, these checks must have been performed before a new loan can be processed.

• If forced checks are outstanding:

  • An error message will appear when attempting to create a new loan, detailing which checks are pending and providing a button to navigate to the FIC Inquiry page.

  • Only checks explicitly marked as "forced" in the setup are mandatory. For example, if only PEP is forced, a loan can proceed if a PEP check has been done, regardless of whether IDV or Sanctions checks have been completed.

  • MAXMONEY only verifies that the forced check was performed; it does not evaluate the results of previous checks at this stage.

FIC Warning

If a FIC check is configured as mandatory in the setup but has not been performed, MAXMONEY will issue a warning to the user.

Loan Process FIC Availability

FIC check statuses are also accessible within the Loan Process. Navigate to Client Administration > Search for a Client > Loan Process - FIC.

FIC Validation Check Mark

The Loan Process screen displays a visual indicator (tick or cross) next to FIC to denote the status of required checks. Navigate to Client Administration > Search for a Client > Loan Process - FIC.

• If Beeswax Setup is not completed or not enabled: No symbol will be displayed next to FIC.

• If Beeswax is enabled:

  • If none of the checks are forced:

    • A tick (?) appears if any type of FIC check has been performed on the client.

    • A cross (?) appears if no FIC checks of any kind have ever been performed on the client.

  • If some of the checks are forced:

    • A tick (?) appears if all mandatory (forced) checks have been completed.

    • A cross (?) appears if any of the mandatory (forced) checks have not been performed.

New Loan FIC Warning

When initiating a new loan via Client Administration > Search for a Client > Loan Process - New Loan, MAXMONEY will issue a warning to the user if a FIC check is forced by the system setup but has not yet been conducted.