This chapter contains the following sections:
This section contains the following topics:
Each individual or company that transacts with your bank becomes your customer. In the Oracle FLEXCUBE Investor Servicing (FCIS) system, a customer information file (or CIF) is maintained for each customer.
A customer may desire to invest in the funds of the AMC, and have an investment account. In such a case, an investment account known as a unit holder account is maintained for such customers. A customer can have more than one investment account.
A customer account or a CIF account is created in the FC-IS system in either of the following ways:
For a fuller discussion of how CIF accounts are created in FC-IS system, refer the chapter “Maintaining Customer Information”
After a CIF account is created along with a single, initial unit holder account, in either of the ways described above, you can create any number of unit holder accounts for the CIF account in the FC-IS system.
Any individual or company that invests capital in any investment avenue with a view to receive greater returns and appreciation of invested capital is known as an investor.
When an investor invests in a mutual fund or any of the funds floated by an AMC, the fund gives the investor a certain number of investment units that are indicative of the investor’s stake in the fund money pool. The investor is known as a unit holder and is said to have holdings in the fund.
In Oracle FLEXCUBE Investor Servicing, all details regarding each unit holder that invests in the AMC are maintained in the system database, in the account created for the unit holder. This account is known as the unit holder account, and it is the single repository in the system database from where any information regarding the unit holder can be queried for, retrieved as well as updated.
Though a single account can be typically created for each unit holder, multiple accounts can also be maintained for Customer Information File (CIF) customers of your bank or AMC.
This chapter deals with all aspects of the creation and maintenance of unit holder and CIF unit holder accounts in the FC-IS system.
After you open a unit holder account for a new investor, you can perform any of the following maintenance operations:
Whenever an investor requests for a transaction, the system uses the unit holder account as the identification for the investor, while putting the transaction through. The effect of the transaction on the balance holdings of the investor in a fund is also reflected in the account.
The unit holder account that is maintained for an investor in the system database can be uniquely identified in the system by the following two identifiers:
The Reference Number
The reference number is a unique alphanumeric identifier for the account. It could be the serial number that is given on the application form through which the investor has invested in the AMC. It could also be any alphanumeric value given by the AMC or the investor, to identify the account.
The reference number can be used to query the database for information regarding the account.
The Unit Holder ID (or Number)
Like the reference number, the unit holder ID is also a unique alphanumeric identifier for the account. Either you can specify the unit holder ID or it can be generated by the system when you create the account and enter all the necessary details into the system. The unit holder ID has a generation logic that can be defined by the AMC for each of its branches. Thus, the unit holder ID is the most important identifier for the account in the system.
Like the reference number, the unit holder ID can also be used to query the database regarding the account.
Before you begin to set up any new unit holder accounts for investors that are desirous of investing in the funds of the AMC, you must ensure that the following static information sets have already been set up and entered into the system database and the required authorizations done:
For a detailed account of this information, refer to the Fund Manager.
In the UH New Account Detail screen, you must specify the following details about the investor as mandatory information when you are creating a new unit holder account:
Note
If you wish to copy the unit holder details from that of an existing unit holder account, use the Copy UH link alongside the CIF Number field.
As mentioned earlier, when a CIF account is authorized in either FCC or FCR at an installation, a single, initial unit holder account is created in FC-IS for the CIF account. The following information is defaulted for the unit holder account in FC-IS:
These default specifications cannot be changed when the first, initial unit holder account is created for the CIF account in the FC-IS system. To change any of these details, an information change must be done. However, you cannot change the defaulted identification number.
Subsequently, after the creation of the first, initial unit holder, whenever you create another unit holder account for the CIF in FC-IS in the UH New Account screen, the specifications that were used as defaults for the creation of the first account, as shown above, are defaulted again. However, these can be changed at the time of creation of a new unit holder. Depending on the specifications at the FCC installation, you can add the FCC account details as unit holder account bank details in FC-IS or create another unit holder account for the CIF in FC-IS.
Whenever an FCC account undergoes number modification, FC-IS will perform an information change to the unit holder account record. On FCC account closure, the status of the unit holder account will be changed to ‘Pending for Closure’ and no outflows will be allowed from the account.
After you have specified all the mandatory information, you are ready to save your specifications so that the account can be entered into the database.
You can, additionally, specify any of the following information as applicable before you actually save the record:
To make these specifications, click the Member Details link in the screen, and enter the details in the corresponding fields.
Modifications made to a unit holder account under a CIF, through an Information Change operation, might require to be replicated to all unit holder accounts under the CIF. Oracle FLEXCUBE Investor Servicing provides the facility of configuring the system so that automatic replication could be achieved, through automatic replication templates.
When an information change to a unit holder account under a CIF is authorized, a template for automatic replication could be chosen. Any changes that have been made through Information Change, to any of the fields defined in the template, are replicated to all unit holder accounts belonging to the CIF, when the Information Change is authorized. The replication occurs at the level defined for the template – CIF level (changes made to CIF fields are replicated) or Identification Type level (changes made to Identification Type fields are replicated)
Template ID
Optional
Select the automatic replication template that is to be used for replication of changes made to the unit holder account through Information Change, to all unit holder accounts belonging to the CIF.
Any changes that have been made through Information Change, to any of the fields defined in the template, are replicated to all unit holder accounts belonging to the CIF, when the Information Change is authorized. The replication occurs at the level defined for the template – CIF level (changes made to CIF fields are replicated) or Identification Type level (changes made to Identification Type fields are replicated)
A stop could be placed on a unit holder account for a number of reasons. Such a stop typically results in restrictions being placed on the account, in terms of inflows and outflows, with regard to the following events:
A unit holder account can be rendered as restricted in an operation through a stop, due to any of the following:
Specifying a Stop Instruction
You can place a stop on an account in the system by performing an information change and specifying the following information in the Client Preferences field:
For details, refer the sections Maintaining IRS Notifications and Escheatment Tracking, found later in this chapter.
When you specify this information, the system marks the account with a ‘stop’ status. The Stop Account box in the Client Preferences section is checked, and the stop account code is assigned by the system, using the information provided.
The Stop Account Code
When you specify a stop instruction through an information change, the system automatically assigns a 20-character code that indicates the stop instruction status of the account, known as the Stop Account Code. Any account that has a stop account code assigned to it due to a stop instruction, is restricted in operation.
To recall, an account can be rendered restricted in operation due to any of the following:
Both IRS notifications as well as Stop Codes can be assigned to an account through an information change.
The stop account code consists of 20 characters or ‘bits’. Each character denotes a restriction on any of the following operations:
Each character could have a value of 0,1 or 2. The values are interpreted as follows:
Stop account bit position |
Interpretation |
||
When bit value = 0 |
When bit value = 1 |
When bit value = 2 |
|
1 |
Allow all IPO Subscription Transactions |
Stop all IPO Subscription Transactions |
Warning |
2 |
Allow all Redemption Transactions |
Stop all Redemption Transactions |
Warning |
3 |
Unblock all transactions |
Block all transactions |
Warning |
4 |
Pause all standing instructions |
||
5 |
Deduct all dividend tax |
||
6 |
Dividend reinvestment only |
||
7 |
Allow all subscription transactions |
Stop all subscription transactions |
Warning |
8 |
Allow all Switch Out transactions |
Stop all Switch Out Transactions |
Warning |
9 |
Allow all Transfer Out transactions |
Stop all Transfer Out transactions |
Warning |
10 |
Allow all Switch In transactions |
Stop all Switch In transactions |
Warning |
11 |
Allow all Transfer In transactions |
Stop all Transfer In transactions |
Warning |
12 |
Dividend payout only. The 6th bit will take precedence over the 12th bit if the value of both is specified as 1. |
The remaining 8 characters in the stop account code are not currently used, and are reserved for future usage.
An IRS notification is typically issued on a unit holder account in the event of non-payment of tax or due to incorrect reporting of the Tax ID.
You can capture the IRS notification by performing an information change on the unit holder account. In the Client Preferences section, select the notification that is applicable, in the IRS Notification field.
If the notification pertains to an incorrect reporting of Tax ID, select it from the drop down list. If the notification pertains to non-payment of tax, select the option ‘Under Reporting’. When this notification is chosen, all outflows from the account are frozen, but inflows due to standing instructions are allowed. Also, dividend is compulsorily reinvested, and tax is compulsorily deducted, regardless of the TDS setup.
After you have specified all the information that is mandatory for the account, (and any further information, if any, as applicable) click the Save link at the bottom of the Detail screen to save your specifications. The system validates all the information and saves the record into the database. The unit holder ID for the account is generated and displayed if you have not specified it. In case you have input the unit holder ID, the system validates it.
Along with the confirmation details, links to Subscription and IPO transaction screens are also displayed. If you invoke the transaction screens directly from here, the new Unit holder ID will be defaulted in the transaction screens. Transactions thus saved will be unauthorized and have to be manually authorized. However, if the user has Auto -Authorization roles enabled when a new Unit holder is created and when a transaction is done, both, Unit holder record and transaction will be authorized automatically.
The unit holder account has now been created successfully in the system database. You can now perform any of the following operations:
This section contains the following topics:
To create a new unit holder account in the FC-IS system for an investor, use the ‘Unit Holder Maintenance Detail’ screen. You can invoke this screen by typing ‘UTDUH’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button.
In the Unit Holder Maintenance Detail screen, you create the account by:
Note
You can also copy the details of an existing unit holder, and then modify the copied details as required, by using the Copy UH link.
Select ‘New’ from the Actions menu in the Application toolbar or click new icon to enter the details of the Unit Holder Maintenance screen. The Unit Holder Maintenance Detail screen has the following fields for data entry:
CIF Number
9 Characters Maximum, Alphanumeric, Mandatory
Specify the CIF number of the customer for whom you are creating a unit holder account.
When you specify the CIF Number, the name of the corresponding CIF customer is retrieved from the database and displayed alongside the field. Also, the default information from the initial unit holder account created for the CIF account is displayed in the fields of this screen. You can override any of these if necessary, and make necessary specifications.
A/C Opening Date (DD/MM/YYYY)
Date Format, Mandatory
Specify the date on which you are creating the account.
The application date is displayed here by default, and will be reckoned as the opening date for the account if you do not specify any other date in this field. You can specify an earlier date, if necessary.
Investor Type
Alphanumeric, Mandatory
Indicate whether you are creating an account for an individual investor or a corporate one, by checking the appropriate radio button.
AMC/ Distributor ID
Alphanumeric, Mandatory
Select the code of the AMC/ Distributor in whose funds the investor wishes to invest, from the list provided. You capture this information for the purpose of identifying the AMC/ Distributor to which the unit holder belongs, and in whose database the unit holder account will reside.
Dealing Type
Alphanumeric, Mandatory
Indicate whether the investor wishes to deal with the AMC either directly (as self) or through a designated authorized representative, by choosing the appropriate option from the drop down list.
If you choose the authorized representative option here, then you must specify the ID of the designated authorized representative in the Auth Rep ID field as mandatory information for the account.
If you are maintaining a depositary as a unit holder in the system, you must select the dealing type as ‘Depositary’.
Category
Alphanumeric, Mandatory
Specify the category
Fee Category
Alphanumeric, Optional
From the list provided, select the fee category to be deemed applicable for the investor whose account you are creating.
Fee Sub Category
Alphanumeric, Optional
From the list provided, select the fee subcategory to be deemed applicable for the investor whose account you are creating.
Remarks
255 Characters Maximum, Alphanumeric, Optional
Specify any narrative, or descriptive text, if any, concerning the account.
Auth Rep ID
Alphanumeric, Mandatory only for unit holders dealing through authorized representative
For investors dealing through authorized representative, select the ID of the preferred representative using the list button alongside.
Template ID
Alphanumeric; 8 Characters; Mandatory
Specify the template ID.
On modify operation, if you overwrite the template ID, then the system will display an override message as ‘Auto-information change will happen for underlined unitholders for CIF/Identification based on the template ID’. On authorization informations will be replicated.
On New operation, if you specify the template ID, the system will display an error message as ‘Template ID should be entered only during modification'.
Unit Holder ID
12 Characters, Numeric, Mandatory
This is a unique number assigned to each unit holder account which can either be input by you (for investors who wish to choose their own IDs) or be generated by the system.
In case you have input the unit holder ID, the system checks if:
If you input the last two characters as ‘04’, the system displays an error message and you are required to input a new value for the unit holder ID.
In the case of system-generated ID, the automatic generation of unit holder ID takes place after you have specified all mandatory details for a new account, and clicked the Save button at the bottom of the Client Information Section (or at the bottom of the Detail screen).
All your specifications are validated, and upon successful validation, the generated unit holder ID for the account is displayed.
The logic governing the generation of unit holder ID’s would have been defined for the agency branch where you have created the account, in the agency branch maintenance record.
This field is not visible when you are creating a new account in the Detail screen. If you are viewing, editing, deleting or amending a previously created unit holder record, then the ID of the account is displayed here, and is non-editable.
If the unit holder account is being created for a CIF account in FCC, then the unit holder number will be identical to the FCC account number.
Note
You should define the following System Parameters to enable the generation and validation of unit holder ID:
First / Company Name
Alphanumeric, Optional
Enter the First or Company name.
In this field, indicate the reasons for which the account is being created, if necessary.
The Copy UH link
If you wish to copy the unit holder details from that of an existing unit holder account, click the Copy UH link alongside the CIF Number field. The Unit Holder Find screen is opened, and you can select the unit holder whose details you wish to copy. When you have selected the required unit holder, the details of the selected account are written into the respective fields in the UH New Account Detail screen. You can make changes to the copied details, if required, and save your changes to create the unit holder account. This feature can only be invoked in the New Mode.
While creating a unit holder account using the Copy UH link, you have an option to copy the KYC list maintained for the selected unit holder.
If you have selected the category and then initiated the copy process, the complete list of KYC documents including Additional ones, if any, will be copied to the new unit holder. However, the ‘All the requested documents must be received’ option will be unchecked.
If you have initiated the copy process without indicating the category, the list of KYC documents maintained in the KYC Maintenance screen is copied to the new unit holder.
Note
You can copy KYC list within the same segment i.e. only if the copying unit holder belongs to the same segment as the unit holder being created.
In this section, specify the personal details for individual investors. You can access it by clicking ‘Individual Dtls’ tab.
Note
After you have specified the details in this section for an individual investor, all your specifications will be lost if you change the investor type from “Individual’ to ‘Corporate’.
Click ‘Individual Dtls’ tab to enter the details
First Name
100 Character Maximum, Alphanumeric, Mandatory
Specify the first name of the individual investor.
Middle Name
40 Character Maximum, Alphanumeric, Optional
Specify the middle name of the individual investor.
Father/ Spouse Name
20 Character Maximum, Alphanumeric, Optional
Specify the name of the father or spouse of the individual investor.
Title
15 Character Maximum, Alphanumeric, Mandatory
Select the applicable title for the name of the individual investor from the list provided. If you do not find the option you are looking for in the list, maintain the same in the System Parameters Maintenance Screen.
For further information refer to the chapter “Maintaining System Parameters”.
Date of Birth
Date, Optional (Mandatory for minor investors)
Specify the date of birth of the investor. Although you need not specify this as mandatory information for non-minor investors, it is recommended that you do so.
You must specify the date of birth as mandatory information for investors that are minors.
Initials
Optional
The system uses the first character in the First Name and Middle Name of the Unit Holder and displays it as Initials. You can however, change the initials if required.
Consider the investors with names ‘Lee-Ann Burrows’ and ‘Shawn David James Burrows’.
The table below illustrates how the system arrives at the Initials for the above two names:
First Name |
Middle Name |
Last Name |
Initials |
Lee-Ann |
|
Burrows |
L |
Shawn |
David James |
Burrows |
SDJ |
Marital Status
Optional
Indicate the marital status of the individual investor by choosing either the Single or Married option, as applicable.
The default option displayed in this field is Single, and will be considered to be the marital status of the investor if you do not select an option.
Minor
Check this box to indicate that the investor is a minor. If so, you must specify the following as mandatory information for such an investor:
Guardian Name
70 Character Maximum, Alphanumeric, Optional (Mandatory for minor investors)
Specify the name of the designated guardian for the minor investor.
Occupation
Alphanumeric, Optional
Indicate the occupation of the individual investor by selecting the applicable option from the list provided.
Sex
1 Character Maximum, Boolean, Mandatory
Indicate the gender of the individual investor by choosing either the Male or Female option, as applicable.
The default option displayed in this field is Male, and will be considered to be the gender of the investor if you do not select an option.
Guardian PAN/GIR No.
Enter PAN/ GIR number.
A/c Operation Type
Alphanumeric, Mandatory
Indicate the manner in which the investor wishes to operate the account, from the options in the list provided.
The investor may choose to operate the account in any of the following ways:
If you choose the Joint option, then you must specify the name of at least one of the preferred joint unit holders in the Joint CIF Details section in this screen, you are also allowed to specify the details of the joint account holders in the Joint UnitHolder Details screen which can be invoked by clicking the Joint UnitHolder Details hyperlink which appears once the Joint option is selected. You can modify the account operation type after authorization.
Guardian MFIN
15 Character Maximum, Alphanumeric, Optional
In case the unit holder is a minor and the client country parameter is set to “SHOWPANINFO” for your bank, specify the MFIN details of the unit holder’s guardian here.
Guardian Form 60/61 Available?
If you want Guardian Form 60/61 to be available, select ‘Yes’. Else select ‘No’.
Last Name
40 Character Maximum, Alphanumeric, Mandatory
Specify the last name of the individual investor.
Relationship
70 Character Maximum, Alphanumeric, Optional (Mandatory for minor investors)
Specify the relationship between the designated guardian and the minor investor.
Beneficiary
70 Character Maximum, Alphanumeric, Optional
Specify the name of the preferred beneficiary of the individual investor.
In this section, specify the company details for corporate investors. You can access it by clicking the Corporate Details tab..
Corporation Type
Alphanumeric, Mandatory
Select the type of the corporation that the company is to be deemed, from the list provided.
Minimum No of Signatories
Specify the minimum number of signatories.
Authorized Signatory 1, 2 and 3
60 Character Maximum, Alphanumeric, Optional
Specify the names of any authorized signatories that must be deemed as valid for the company.
Country of Incorporation
Alphanumeric; Optional
Specify the incorporation country from the adjoining option list.
Note
After you have specified the details in this section for a corporate investor, all your specifications will be lost if you change the investor type from ‘Corporate’ to “Individual’.
In this section, specify the means of communication with the investor for whom you are creating the account. You can access this section by clicking ‘Contact Dtls’ tab.
You can specify at least two addresses, and designate one as the default mailing address to be used for correspondence with the investor, and the other as the alternate address. Specify the default address under the Default Address head, and the alternate address under the Alternate Address head.
You can also maintain the SWIFT Address for the unit holder, in the SWIFT Address tab.
The following fields comprise the correspondence address information, in the Correspondence Address section:
Address Lines 1-2
Each line is 80 Character Maximum, Alphanumeric. Address Line 1 is Mandatory
Specify the default postal address that is to be used for correspondence with the investor.
City
20 Character Maximum, Alphanumeric, Optional
Specify the name of the city of residence of the investor. You can select the city from the drop down list provided. The available options depend on the values defined at the params maintenance. If the city is not available in the list, you can specify the city in the field provided alongside.
The list of cities available in the system will be a one time upload into the system.
Use State Maintenance
Optional
You can select one of the two values from the drop-down list:
If you select ‘Yes’, then only the system can accept US state code in ‘State’.
If you select ,’No’, then system can accept any value for ‘State’.
By default, the system displays ‘No’.
State
20 Character Maximum, Alphanumeric, Optional
Specify the state in which the city of residence of the investor is located. You can select the state of residence from the drop down list provided. The available options depend on the values defined at the params maintenance. If the state is not available in the list, you can specify the city in the field provided alongside.
Zip Code
6 Characters Maximum, Alphanumeric, Optional
Specify the zip code of the specified city of residence of the investor.
Fax Number
15 Character Maximum, Alphanumeric, Optional
Enter the fax number of the investor.
Country
Alphanumeric, Optional
Select the country in which the investor is domiciled, from the drop-down list.
50 Characters Maximum, Alphanumeric; Optional
Specify the Email address of the investor.
Telephone 1-2
15 Character Maximum, Alphanumeric, Optional
Enter the contact telephone numbers of the investor.
Contact Person
40 Character Maximum, Alphanumeric, Optional
For corporate investors, enter the name of the contact person at the unit holder office.
Cell Phone Number
16 Characters Maximum; Numeric; Optional
Specify the cell phone number of the investor.
The Alternate Address section captures the same details as the Correspondence Address tab (as detailed above). However, you can specify a date range within which the alternate address would be in effect:
Address Line 1-2
Each line is 80 Character Maximum, Alphanumeric. Address Line 1 is Mandatory
Specify the default postal address that is to be used for correspondence with the investor.
City
20 Character Maximum, Alphanumeric, Optional
Specify the name of the city of residence of the investor. You can select the city from the drop down list provided. The available options depend on the values defined at the params maintenance. If the city is not available in the list, you can specify the city in the field provided alongside.
The list of cities available in the system will be a one time upload into the system.
Use State Maintenance
Optional
You can select one of the two values from the drop-down list:
If you select ‘Yes’, then only the system can accept US state code in ‘State’.
If you select, ’No’, then system can accept any value for ‘State’.
By default, the system displays ‘No’.
State
20 Character Maximum, Alphanumeric, Optional
Specify the state in which the city of residence of the investor is located. You can select the state of residence from the drop down list provided. The available options depend on the values defined at the params maintenance. If the state is not available in the list, you can specify the city in the field provided alongside.
Country
Alphanumeric, Optional
Select the country in which the investor is domiciled, from the drop-down list.
50 Characters Maximum, Alphanumeric; Optional
Specify the Email address of the investor.
Zip Code
6 Characters Maximum, Alphanumeric, Optional
Specify the zip code of the specified city of residence of the investor.
Fax Number
15 Character Maximum, Alphanumeric, Optional
Enter the fax number of the investor.
Telephone 1-2
15 Character Maximum, Alphanumeric, Optional
Enter the contact telephone numbers of the investor.
Effective From Date
Date Format, Optional
Specify the date that marks the beginning of the period for which the specified alternate address is in effect.
Effective To Date
Date Format, Optional
Specify the date that marks the end of the period for which the specified alternate address is in effect.
The following fields comprise the SWIFT address information, in the SWIFT Address section:
Address Lines 1-2
4 lines, 80 Characters each, Alphanumeric, Mandatory
Enter the SWIFT address of the investor. You can enter up to 4 lines of address information.
City
Specify the city of the SWIFT address for the investor.
Country
Alphanumeric; Mandatory
Specify the country of the SWIFT address for the investor.
BICCODE
12 Characters Maximum, Alphanumeric; Mandatory
Specify the Bank Identifier Code (BIC) of the investor.
In this section, you specify any preferences indicated by the investor for the purpose of investment and transaction processing. You can access this section by clicking ‘Client Preference’ tab.
Preferred Currency
Alphanumeric, Optional
From the list, select the currency in which the investor prefers to transact with the AMC.
The preferred currency is the currency in which the investor or unit holder prefers to make any payments involving transactions or receive any dividend income payments. The currency you select here will be deemed as the default currency for all payments from or to the investor. If the ‘Payment Mode’ chosen is ‘Transfer’, the system allows you to successfully save the unit holder details only if you maintain a bank account for the preferred currency or multi-currency.
You can also choose ‘Fund Base Currency’ (FBC) as your preferred currency (for unit holders only). In this case, you will be allowed to proceed with saving unit holder details without maintaining an account for ‘FBC’.
You can save transactions for unit holders with ’FBC’ as preferred currency, but these transactions will be marked incomplete. You can complete such transactions by specifying unit holder Bank details for the unit holder and for the transactions (in the ‘Payments Details’ section).
The system processes payments on the basis of the currency for each fund for the ‘FBC’ option. In case an account exists for the FBC, the system picks it up for payments or else it picks up the default multi-currency account for the unit holder. If neither is available, the system displays an error message.
The investor can, if need be, choose to transact in a currency different from the one you specify here, for any transaction.
Note
When you specify the country in which the investor is domiciled, in the Country of Domicile field, the currency associated with the specified country is retrieved from the Country Currency Maintenance record in the system and displayed in this field by default. If you do not select any currency here, then the displayed default currency will be deemed as the preferred currency for the investor.
Nationality
15 Character Maximum, Alphanumeric, Optional
From the list, select the nationality of the investor for whom you are creating the account.
When you specify the country in which the investor is domiciled, in the Country of Domicile field, the nationality of the specified country is displayed in this field by default. If you do not make any selection in this field, then the displayed default nationality will be deemed as the nationality of the investor.
A/C Statement Currency
Alphanumeric, Optional
Select the currency for account statements for the investor, from the drop-down list.
The preferred currency for the unit holder that you selected in the Preferred Currency field is displayed here as the default account statement currency. If you do not make any selection, this will be deemed as the account statement currency for the unit holder.
Country of Domicile
3 Character Maximum, Alphanumeric, Optional
From the list provided, select the country where the investor is domiciled.
When you specify the address of the investor, the country (if any) indicated in the address is displayed here by default, as the country of domicile for the investor. If you do not make a selection, then this default country of domicile is reckoned for the investor account in the database.
A/C Statement Frequency
Alphanumeric, Optional
From the list, select the frequency at which the investor wishes to receive periodic statement of accounts from the AMC – this could be monthly, daily, yearly, half-yearly, biweekly, quarterly or weekly.
Preferred Language
Alphanumeric, Optional
From the list, select the language preferred by the investor for correspondence and communication.
A/C Type
Alphanumeric, Optional
From the list, specify whether the account is to be a Voluntary account or a Retired account. Once authorized, this field cannot be modified.
Resident Status
Alphanumeric, Optional
Indicate whether the investor resides in the selected country of domicile or not, by selecting either the Resident or the Non-Resident option.
Preferred Mailing Mode
Alphanumeric, Optional
From the list, select the mailing mode in which the investor prefers to receive correspondence from the AMC.
If you wish to suppress the printing of contract notes in respect of the unit holder during execution of End of Day processes, you must select the ‘File’ option in this field.
Redemption Payment
Alphanumeric, Optional
Select the default mode of payment that is to be used for paying out the proceeds of any redemption transactions for the investor.
The two modes of payment supported in the system are Check and Transfer.
Dual Nationality
Optional
Select the dual nationality from the adjoining option list.
Substantial Stay in US
Optional
Indicate your substantial stay in US from the adjoining drop-down list. The options available are:
Check Writing Facility
Optional
You can use this field to indicate that the investor is allowed to avail check writing facility on any funds of the AMC in which the investor holds unit balances.
Typically, in money market funds, investors could be issued deposit slips for subsequent purchases. They could also write checks to any external entity/ individual, which are reckoned as redemption from the investor account, when produced by the external entity individual, to the AMC.
Pay by FEDWIRE / ACH
Optional
Check this box to indicate that payment by FEDWIRE or ACH is to be accepted for the investor.
Telephone Redemption and Telephone Switch
Optional
Check either box or both, to indicate that telephonic requests from the investor for redemption or switch transactions must be accepted. If so, and you have checked either or both these boxes, redemption and switch transaction requests with ‘telephone’ as the means of purchase would be accepted in the system.
All Signatories Sign Required
Mandatory if check writing is allowed
For joint accounts in which the unit holder is availing the check-writing facility, use this field to indicate whether the signatures of all joint unit holders must be required on issued checks.
ROA Investor
Optional
Check this box to indicate that the investor prefers to avail of the Rights of Accumulation facility.
Registration Type
Alphanumeric, Optional
For investors requesting NSCC or Wire Order transactions, indicate whether the registration of certificates issued, if any, must be in the investor’s name (Individual Name) or registration name specified for the broker dealer (Street Name).
Registration Name
50 Characters Maximum, Alphanumeric, Optional
For street name registrations, specify the registration name to be displayed on the certificates. Typically, this is the dealer name of the corresponding broker dealer.
Transaction Delivery Preferences
Select the transaction delivery preferences from the option list.
Apply Indexation on CGT?
Optional
You can use this field to indicate whether indexation is to be applied on capital gains tax computation, for the investor. Select this option to indicate application of indexation. Leave it unchecked to indicate that indexation is not applicable.
To indicate application of indexation, you must also specify it as applicable for the capital gains load, when you associate the load with a fund in the Fund Load Setup. Indexation is applied only if it is specified both in this Unit Holder New Account screen (for the investor’s profile) as well as in the Fund Load Setup, for the fund.
Preferred Fund
Optional
The fund you select in this field will be the one from which management fee will be recovered and into which any incentives will be credited.
When an incentive is being credited, the system will first consider the fund you have selected here, in the field ‘Preferred Fund’. If you have selected a fund here, the incentive will be credited into this fund. If you have not selected a fund, the incentive will be credited into the fund for which a fund-load mapping has been done.
Consider the following cases during the redemption of a fee:
Case 1 – Periodic Fee maintained at the product level
If the periodic load is maintained at the product level, redemption will happen from the fund indicated here, only if the fund has sufficient balance. If the fund does not have sufficient balance, the system will consider the funds that you have selected through the Management Fee Applicability screen. For further information on the Management Fee Applicability screen, refer to the chapter Management Fee in the LEP User Manual.
Case 2 – Period Fee maintained at the fund level
If the periodic load is maintained at the fund level, the redemption will happen in the following manner:
The system will first consider the fund you have selected here, in the field ‘Preferred Fund’. If there is sufficient balance, the redemption will happen from this fund. If the balance is not sufficient, or you have not selected a fund (this field being optional), the system will consider the fund for which a fund-load mapping has been done. If there is sufficient balance in this fund, the redemption will be carried out from this fund. If, in this fund, the balance is not sufficient, the system will carry out the redemption from any other fund that the Unit Holder has invested into, in the appropriate ratio.
The funds, from which the fee amount is redeemed, may not be in the same currency. If the funds have different base currencies, the mid rate will be used as the exchange rate to arrive at the amount to be redeemed, in the fee currency.
Note
If the fee needs to be accrued in a certain currency, the transaction will need to be generated in the same currency. Hence, if the base currency of a certain fund is not that particular currency and it does not allow any transaction in that currency, the fund will not be considered for redemption of the fee amount. This can be illustrated with the following example:
The base currency of the fund where the fee is accrued is RAND. After apportioning, the system will generate a redemption transaction in three funds with base currency and the restrictions as follows:
F1: Base Currency – RAND; Allowed Currencies: RAND, USD and GBP
F2: Base Currency – USD; Allowed Currencies: USD, INR and GBP
F3: Base Currency – GBP; Allowed Currencies: USD and GBP
In this case since the fee is accrued in RAND, the redemption transactions need to be generated in RAND. In the above case, F2 does not allow a RAND transaction. The system in such a case will raise an error.
FATF/ Non-FATF
Optional
Indicate whether the unit holder resides is a FATF (Financial Action Task Force) or a Non-FATF country.
Place of Birth
Optional
Enter the place of birth of the investor. This is mandatory if you have not specified the Tax ID.
Country of Birth
Optional
From the list, select the country of birth of the investor. This is mandatory if you have not specified the Tax ID.
Dispatch Date
Enter the dispatch date
Returned Date
Enter the returned date.
Campaign Code
Optional
You can link the campaign to the unit holder. Specify the campaign to be mapped. You can also select the campaign code from the option list. The campaign codes with the start and the end date in between the unit holder account opening date is displayed in the option list. You can modify the campaign even after the authorisation.
Trailer Commission Preference
Optional
Select trailer commission preference from the adjoining drop-down list. Following are the options available:
You can direct redemption and dividend proceeds to beneficiaries by specifying the following preferences:
Redemption Payout
Optional
Check this option to indicate that the proceeds of a redemption transaction should be transferred to the beneficiaries mentioned. If you select this option, you need to maintain a minimum of one beneficiary along with the percentage to be awarded for the beneficiary in the ‘Beneficiary Dtls’ screen. It is also essential that the beneficiary be an existing Unit Holder and not a third party beneficiary.
Dividend Payout
Optional
Check this option to indicate that dividends should be transferred to the beneficiaries specified. If you select this option, you need to maintain a minimum of one beneficiary along with the percentage to be awarded for the beneficiary in the ‘Beneficiary Dtls’ screen. It is also essential that the beneficiary be an existing Unit Holder and not a third party beneficiary.
When you have multiple beneficiaries for a payout (dividend or redemption), you can amend the percentage to be given to each, as and when required. If the total percentage awarded to the beneficiaries does not add up to 100%, the remaining payout will be done to the primary unit holder. The amount paid out to the beneficiary will be net of withholding tax, which will be derived on the basis of the tax for the Unitholder – Beneficiary Country combination.
In this section, you specify details of any identification provided by the investor. You also indicate the applicability of tax being deducted at source for the investor and the required tax details.
Click ‘ID Dtls’ tab to enter the details.
Date of Issue
Date Format, Optional
Specify the date of issue of the identification document or proof that is furnished by the unit holder.
The date of issue that you specify here must not be later than the date of opening the account.
Tax ID
15 Character Maximum, Alphanumeric, Optional (Mandatory if tax is specified to be
deducted at source)
Specify the tax identification number or tax ID for the investor.
You can use this field to capture the PAN Number of the unit holder. For any transactions entered into by the unit holder in any fund, which involve volumes that exceed the Minimum Amount for Tax ID specified in the fund rules, the system validates the availability of the PAN Number.
Date of Expiry
Date, Optional
Specify the date of expiry of the identification document or proof. It must be later than the date of issue and the application date.
Tax Deducted at Source
Optional
Check this box to indicate that tax must be deducted at source for the investor. By default, this box is checked, indicating that tax is reckoned to be deducted at source. You can uncheck it if necessary.
If you check this box and indicate that tax must be deducted at source, then you must specify the following mandatory information:
EUSD Option
Alphanumeric, Optional
The EUSD (European Union Savings Directive) option gets defaulted based on either the unit holder’s county of domicile or the segment level default EUSD option. However, you may change this value, if required.
Note
If EUSD option is not applicable at the segment level, then you will not be allowed to specify any option here.
Tax Certificate Expiry Date (DD/MM/YYYY)
Specify the date on which the tax certificate expires. It is mandatory for you to specify the expiry date if you chosen ‘Tax Exemption Certificate’ as the EUSD option.
Place of Issue
Mandatory
From the option list, select the place of issue of the identification type. Once authorized, this field cannot be modified.
Form 60/ 61 Available?
If form 60/ 61 is available, select ‘Yes’. Else select ‘No’.
Tax Exempted
Optional
You can use this field to indicate that the investor is the recipient of a special exemption from tax. Check this box to indicate such an exemption. If you have maintained any tax details for such an investor, they will be disabled, and not used.
UH BIC Code
Optional
Enter the Bank Identification Code (BIC) of the unit holder, in case of financial institutional unit holders.
Tax Circle
15 Character Maximum, Alphanumeric, Optional (Mandatory if tax is specified to be
deducted at source).
Specify the tax circle to which the unit holder belongs.
Recover CGT?
Numeric, Optional
Check this option, if the tax on capital gain has to be deducted from the transaction (Redemption, Transfer and Switch).
MFIN
15 Character Maximum, Alphanumeric, Optional
Specify the MFIN details of the unit holder, provided the client country parameter is set to “SHOWPANINFO” for your bank. You will however not be allowed to enter the MFIN details if the unit holder is a minor.
Identification Type
Alphanumeric, Mandatory
From the list, select the type of identification that is being provided by the investor. The identification type is the mode in which the unit holder will furnish an identification document or proof, and could be a Personnel ID, License, Birth Certificate, etc. This is used for identifying the unit holder during all subsequent transactions.
You can capture ‘NRIC Number’ as the identification type for a unit holder account. If you have selected NRIC Number as the Identification Type for the account, you can specify the applicable NRIC Number as the Identification Number. Once authorized, this field cannot be modified.
Identification Number
15 Character Maximum, Alphanumeric, Mandatory
Specify the number or ID of the identification document or proof that is furnished by the unit holder. Once authorized, this field cannot be modified.
Category
Alphanumeric, Optional (Mandatory if tax is specified to be deducted at source)
Select the tax category under which the investor will be placed in the system.
Tax Certificate Effective Date
Date Format; Optional
Specify the date from when the tax certificate is effective.
Country Code
Optional
Specify the country code of the telephone number.
FATCA Classification
Display
If the ID selected is an existing entity in the system then system displays FATCA Classification type.
US Indicia Available
Display
The system defaults US Indicia Available as Yes or No depending on the following:
FATCA Status
Display
The system displays the FATCA Status based on the FATCA maintenance.
On authorization, the system will validate all FATCA related validations and update the FATCA status accordingly, provided, the FATCA client country is ‘Yes’.
FATCA DiMinimus Check
Display
System checks this flag for investors having US Indicia but whose investments are below a certain maintainable threshold amount.
System unchecks this for investors having US Indicia but whose investments are above a certain maintainable threshold amount.
FATCA DiMinimus batch will do the checking and unchecking of this flag.
Secondary Identification Type
Alphanumeric; 12 Characters; Optional
Specify the secondary identification type. you can also select the valid secondary identification details from the adjoining option list.
Secondary Identification Description
Display
The system displays the secondary identification description for the selected secondary identification type.
Secondary Identification Number
Numeric; 15 Characters; Optional
Specify the secondary identification number.
Date of Issue
Date Format, Optional
Specify the date of issue of the second identification document or proof that is furnished by the unit holder.
The date of issue that you specify here must not be later than the date of opening the account.
Date of Expiry
Date Format, Optional
Specify the date of expiry of the second identification document or proof. It must be later than the date of issue and the application date.
Place of Issue
Mandatory
Specify the place of issue of the second identification type. You can also select the valid place of issue of the identification type from the adjoining option list, Once authorized, this field cannot be modified.
Place of Issue Description
Display
The system displays the place of issue description for the selected place of issue.
In this section, you specify details of any bank accounts operated by the investor, which are preferred for transacting with the AMC. You can access this section through the Bank Dtls tab.
You can specify any number of preferred bank accounts for an investor, for each currency, but you must designate one of these to be used by the investor as the default bank account for making or receiving payments for a combination of payment mode, transaction type, fund Id and transaction currency.
You can also specify the bank details for a combination of payment mode, fund, transaction type and currency for each unit holder maintained in the system. In addition, you can also maintain the routing details for the combination.
During transaction entry, the payment bank details to be used for the unit holder will be picked up based on the combination of payment mode, fund, transaction type and transaction currency.
Click ‘Bank Dtls’ tab to enter the details.
For each bank account in each currency, specify the following details:
Fund ID
Alphanumeric; Optional
Select the ID of the fund.
Transaction Type
Alphanumeric; Optional (Mandatory if Fund ID is specified)
Select the type of transaction.
The options available are:
Bank
Alphanumeric, Mandatory
From the list, select the name of the bank in which the account is held.
Branch
60 Character Maximum, Alphanumeric, Mandatory
From the list, select the name of the branch of the bank in which the account is held.
Direct Debit
Optional
Check this option to indicate if whether direct debits are allowed for the account.
Default
Use this check box to identify the bank account that is to be reckoned as the default bank account for the investor in the system. In the desired row, check this box.
Note
For HSBC customers, accounts for a specific currency and payment type combination can be marked as default accounts only if they are maintained for ‘All’ funds and ‘All’ transaction types. Also, for a currency where the default has already been specified, other accounts maintained for specific funds and specific transaction types for the same currency cannot be designated as the default account for that currency.
In case the default account for a particular payment type and currency combination has not been maintained and you designate an account maintained for a specific fund and transaction type as the default account, the system displays the following message (at the time of saving unit holder details) “Default accounts can be maintained only for fund ‘All’ and transaction type ‘All’”.
Consider the following table which shows the default account maintenance for various currency and payment type combinations.
Payment Mode |
Fund ID |
Transaction Type |
Currency |
Default Account? |
Transfer |
ALL |
ALL |
HKD |
Yes |
Transfer |
ALL |
ALL |
MCY |
Yes |
Payment Mode |
Fund ID |
Transaction Type |
Currency |
Default Account? |
Transfer |
Fund 1 |
02 |
HKD |
No |
Transfer |
Fund1 |
02 |
MCY |
No |
Here, for the currencies HKD and MCY and payment mode transfer, you can maintain different accounts as the default account (for the ‘All’ funds and ‘All’ transaction type combination).
You cannot, however, maintain the account specified for ‘Fund 1’ and Transaction type ‘02’ as the default account for the currencies MCY and HKD and Payment mode ‘Transfer’.
Delete
In the desired row, check the box. When you have selected all the accounts to be deleted, click delete icon.
The Add Button
Click add icon to add a new row in this section.
Account Type
Alphanumeric, Mandatory
From the list, select the nature of the account held by the investor. The list provides all account types that have been set up in the Account Type Maintenance records.
Account Name
60 Character Maximum, Alphanumeric, Mandatory
Specify the name in which the investor holds the specified bank account.
By default, the system reckons this to be the specified name of the unit holder, and the same is displayed here. It will be accepted into the database as the account holder’s name if you do not specify any other.
Account Number
16 Character Maximum, Alphanumeric, Mandatory
Specify the number of the account held by the unit holder in the selected bank.
Account Currency
3 Characters Maximum, Alphanumeric; Mandatory
Select the currency of the bank accounts that you are designating for the unit holder. You can maintain any number of accounts in each currency; however, you must designate one default bank account for each currency.
The system also allows you to maintain Multi-Currency (MCY) accounts for unit holders/ agents. The system uses this account if payment currency account is not available. As with accounts in other currencies, you can have multiple accounts for MCY. You should, however, specify one as the default one to be used for payments.
Last Name and Initials
Optional
If you select the ‘Account Category’ field as ‘Self’ then the ‘Last Name’ and ‘Initials’ will be defaulted.
Account Category
Mandatory
You can select the account type whether it is ‘Self’ or ‘Third Party’.
Identification Type
Optional
Select the identification type from the option list.
Identification Number
Optional
Specify the identification number of the identification type
IBAN
36 Characters Only; Alphanumeric; Optional
Specify the IBAN (International Bank Account Number) of the account holder.
Note
If you select the ‘Account Category’ field as 'Third Party’, the system will not verify the third party bank accounts using the details such as Initials, Identification Number and so forth.
FCIS provides the option to capture the bank routing details as well while maintaining the bank details. At the time of transaction input, the routing details specified here are picked up for the combination of fund, transaction type and transaction currency.
Swift Format
Select the format of the Swift message. The options are:
Bank Charged
Indicate whether the bank charges must be levied upon the beneficiary, the remitter or must be shared between the two.
Beneficiary
Specify the beneficiary.
Beneficiary BIC Code
Enter beneficiary BIC Code.
Beneficiary Address1-3
Enter beneficiary address.
Beneficiary Account Number
Enter beneficiary Account Number.
Beneficiary Code
Enter beneficiary code.
Beneficiary Information
Enter beneficiary information.
Intermediary
Enter the intermediary.
Intermediary BIC Code
Enter intermediary BIC Code.
Intermediary Address 1-3
Enter intermediary address.
Intermediary Account Number
Enter intermediary Account Number.
Intermediary Code
Enter intermediary code.
Intermediary Information
Enter intermediary information.
Further Credit Name
Enter further credit name.
Further Credit Account Number
Enter further credit account number.
Reference 1-2
Enter the reference.
At the time of saving the investor’s account, if the client country parameter ‘Verification of Bank Accounts’ is applicable, the system will save the account with the status “Un-Verified”. If the client country parameter is not applicable, the account will be saved as “Verified”.
If the client country parameter ‘Third Party Bank Details’ is applicable, the system will not allow you to capture random bank details.
In this section, specify the intermediaries (with the respective hierarchies) that will represent the investor in transactions with the AMC. You can also specify applicable commission percentages that each is to receive.
Click ‘Intermediary Dtls’ tab to enter the details.
Broker ID
Alphanumeric, Optional
Select the broker ID preferred by the investor, from the list. The corresponding information regarding the Broker Name and Parent Broker Name will automatically be populated in the adjoining fields on selection of the Intermediary.
Broker can be selected by specifying the broker code or the name (or part of the name) and click on the adjacent option list. System will search for Brokers with Broker code or name having the given search string. In addition system will have a search option based on the Legacy Code in the option list.
Split Percentage
Percentage Format, Mandatory if you select any broker in the Intermediary field.
Specify the percentage of the commission that the selected broker is entitled to receive on any transactions put through for the investor.
This percentage must not exceed one hundred percent.
Note
If you specify more than one broker in this section, then the split percentages for all brokers, when summed up, must not exceed or fall below one hundred percent.
Default
Select ‘Yes’ to identify the broker that is to be reckoned as the default broker for the investor in the system. In the desired row, check this box.
Advise Mode
Select the mode of advise from the adjoining drop-down list. Following are the options available:
Delete
You can delete a record by clicking delete icon
The Add Button
Click add icon to add a new row in this section.
If the client country parameter ‘TXNBROKERS’ is set to false for your installation, you can enter agent-agency branch as intermediary. You can select at least one set of Agent, Agency branch, Account Officer and IFA combination as part of unit holder.
The intermediaries maintained during unit holder creation get defaulted during Transaction, Bulk Transactions and Standing Instruction maintenance and can be overridden.
Entity Type
Alphanumeric, Optional
Select the entity type that has been identified as the intermediary for the transaction.
Entity ID
Alphanumeric; Mandatory
For each entity type, specify the intermediary in this field. The name of the selected intermediary is displayed in the Entity Name field.
While entering a transaction, system will default the intermediary specified here. However, you can override the defaulted value.
Split Percentage
Specify the percentage of the commission that the selected intermediary is entitled to receive on any transactions put through for the investor.
Default
Select ‘Yes’ to identify the intermediary that is to be reckoned as the default intermediary for the investor in the system. In the desired row, check this box.
Depending on the type of country marked for the investor and the investor category, Unit Holder KYC list maintained for that type of country and investor category is displayed. If you have maintained a document list for a specific country, the system defaults the documents based on the country, country type and investor category combination. You can check the documents received from the investor and link the KYC list to the unit holder being created.
The following screen is invoked when you click ‘KYC Dtls’ tab:
Requested
By default, documents belonging to type Standard are marked are ‘Requested’. You are not allowed to uncheck the standard documents.
However, you may check or uncheck any additional documents.
Requirement
Both, standard and additional list of documents maintained for the combination of country type and investor category are displayed here. You may add additional documents, if required.
You cannot add additional documents once the ‘All the requested KYC documentation has been received’ check box has been checked.
Fax Received
Check this option to indicate that the investor has faxed a copy of the required document.
Original Received
Check this option to indicate that the investor has submitted the original document.
Received Date
Date format
Specify the date on which the document was received.
Workflow Reference No
20 Character Maximum, Alphanumeric, Optional
Enter the workflow reference number (number of the corresponding document from the external imaging system) here.
User Comment
Alphanumeric, Optional
Specify any narrative, or descriptive text, if any, concerning the document.
Delete Button
You can delete a record by clicking delete icon.
Note
Documents defaulted from KYC maintenance cannot be deleted. However, Additional documents added during UH creation can be deleted before checking the ‘All the requested KYC documents has been received’ option.
The Add Row Button
Click add icon to add a new row in this section.
Document Management System or DMS is used to scan and store documents like Account Opening form, Transaction form, Identity Proof etc. In this section, you can specify the document type for the unit holder. The document types can be maintained in the System Parameters Maintenance screen.
For further information on maintenance of system parameters, refer to the chapter
Maintaining System Parameters
Click ‘Document Dtls’ tab to enter the details.
Document ID
Optional
You can either enter the document id in this field or choose the document id from the option list.
Document Type
Display
When you enter or choose the document ID, this field will be updated.
If the AMC has designated any additional information heads for investors, you can indicate the relevant information applicable to the investor under each head, in this section. Click ‘Add Info’ tab to enter the details.
Other Info Field
Display the other info field
Field Value
Select the field value from the option list.
You can upload the document containing unit holder’s signature’s signature using the UH Signature tab in the Unit Holder Maintenance screen.
Upon clicking the UH Signature tab, you will find the following two buttons:
Click on the show image button to invoke the Signature Verification screen:
In the Signature Verification screen, click on Document Upload button to invoke the image upload screen.
In the image upload screen you can browse for the required document or image and click upload button. After uploading the document, click OK to exit.
You can link authorized ‘Related Parties’ entity with unit holder at the time of Unitholder creation. Click ‘Related Parties’ tab in the Unitholder Maintenance screen. You can link multiple ‘Related parties’ and add, modify or delete the linked related parties. These details are used to send unit holder reports to the linked entities. The report sent is based on the reporting level selected while creating unitholder.
Note
Related Parties are captured for informational purpose only and no processing impact is associated.
The following details are entered for maintaining related parties:
Entity Type
Mandatory
Select the entity type from the following:
Entity ID
Mandatory
Select the entity ID from the option list. These entities are based on the Entity Type chosen.
Entity Name
Display
The entity name gets displayed on selection of entity ID.
Reporting Level
Mandatory
Select the reporting level from the list. The following are the reporting levels:
Preferred Mailing Mode
Mandatory
Select the preferred mailing mode from the list. The following are the preferred mailing modes:
Link Notes
Optional
The link notes stores free format text which is used to explain the reason for linking the entity with the unit holder.
Note
Related Parties are captured for informational purpose only and no processing impact is associated.
You can view various FATCA related updated for a unit holder during FATCA Classification maintenance, during batch run and Unit holder authorization. Click ‘FATCA Audit Log’ tab in the ‘Unitholder Maintenance’ screen.
The system will display the data in the descending order of date logged latest one first.
Log Date
Display
The system displays the date on which the customer record was logged for further checking.
Logging Reason
Display
The system displays the reason for logging the record.
Criteria Matched
Display
The system displays the US Indicia satisfying matching criteria for the customer. From the list of several criteria defined for identifying the US indicia of a customer, the system will record one of the matching criteria which establishes the presence of US Indicia for the customer
US Indicia Updated
Display
The system displays the US Indicia updated status.
FATCA status
Display
The system displays the FATCA status
You can specify UCITS fund mapping details by clicking on ‘UH KIID Compliance’ tab in the ‘Unitholder Maintenance’ screen.
Fund ID
Optional
Specify the fund ID. This adjoining option list displays all function ID maintained in the system. You can choose the appropriate one.
Fund Name
Display
The system displays the fund name for the selected fund ID.
Effective Date
Date Format; Optional
Specify the effective date.
Effective date can be less than or equal to system date.
You can capture the delivery details by clicking ‘Delivery Dtls’ button in the Unit Holder - Maintenance screen.
The following are the fields under Delivery section:
You can capture the details of one or more beneficiaries, if any, for the unit holder. A beneficiary could be an existing Unit Holder in the system or could be an external entity. You can access it by clicking ‘Beneficiary Dtls’ button..
Beneficiary ID
Mandatory
If the beneficiary is an existing unit holder, you can invoke the ‘Find Options’ screen to specify the desired unit holder, by using the search criteria. Else, specify the same.
Beneficiary Type
Mandatory
Specify whether the beneficiary is a primary or secondary holder.
Beneficiary Name
100 Characters Maximum, Alphanumeric, Optional
Specify the name of the beneficiary.
Date of Birth
Date format, Optional
Enter the beneficiary’s date of birth.
Gender
Optional
Specify the gender of the beneficiary.
ID Type
Optional
Select the identification type of the beneficiary from the drop-down list. If the beneficiary is a valid Unit Holder, the identification type will be displayed.
ID Number
Optional
Specify the identification number of the identification type of the beneficiary. If the beneficiary is a valid Unit Holder, the identification number will be displayed.
Relation
Optional
Specify the relationship of the beneficiary with the unit holder. If the beneficiary is a valid Unit Holder, the relationship will be displayed.
Award %
Optional
Specify the percentage of the unit holder’s holdings that belongs to the beneficiary. The award should sum up to 100.
Address
Optional
Specify the contact address of the beneficiary.
Delete
Use this check box to identify any beneficiary details that must be marked for deletion. In the desired row, check this box. When you have selected all the accounts to be deleted, click the Delete link at the top of the section.
Bank
Optional
Specify the bank code of the beneficiary’s bank. You can select the same from the option list, if the bank code is a valid code in the system.
Branch
Optional
Specify the branch of the bank that you have selected. You can select the same from the option list, if the branch is a valid one in the system.
Account Type
Alphanumeric, Optional
From the list, select the nature of the account held by the beneficiary.
Account Currency
3 Characters Maximum, Alphanumeric; Optional
Select the currency of the bank accounts that you are designating for the beneficiary.
Account Number
16 Character Maximum, Alphanumeric, Optional
Specify the number of the account held by the beneficiary in the selected bank.
Account Name
60 Character Maximum, Alphanumeric, Optional
Specify the name in which the beneficiary holds the specified bank account.
IBAN
36 Characters Only; Alphanumeric; Optional
Specify the IBAN (International Bank Account Number) of the account holder.
FATCA Classification
Display
If the beneficiary selected is an existing entity in the system, then system displays FATCA Classification type.
US Indicia
Display
The system defaults US Indicia Available as Yes if any of the below mentioned values are true:
If the primary UH has linked entities like Joint holder/joint holders, Auth rep, related party (Auth Rep, Nominee and Joint Holder), beneficiary and for any one of them US Indicia Available is ‘YES’, and if the primary UH US Indicia Available is ‘No’ then the system will display the following message:
US Indicia Available is ‘No’ for Unit Holder but US Indicia Available is ‘Yes’ at Joint Holder/Auth Rep/Beneficiary/Related Party(Auth Rep, Nominee and Joint Holder) (any one)”.
The system will change the US Indicia available as ‘Yes’ and save the record automatically.
FATCA Status
Display
If the beneficiary selected is an existing entity in the system, then the system displays FATCA Status based on FATCA maintenance.
You can specify the names of any joint unit holders to be considered for joint unit holder accounts, or ‘Either’ or ‘Survivor’ accounts.
For accounts with the operation type as either Joint or Either or Survivor, you must specify the name of at least one joint unit holder for such an account, as mandatory information.
You can access this section by clicking ‘Joint Holder Dtls’ button in the Unit Holder - Maintenance screen.
Joint Holder ID
Mandatory
Select the ID of the joint account holder from the list of IDs available.
Joint Holder Name
Specify the name of the Joint Holder.
Joint Holder Type
Mandatory
Select the Type of joint account from the drop down list.
Date of Birth
Date format, Optional
Enter the joint account holder’s date of birth.
Gender
Optional
Specify the gender of the joint account holders.
PAN/GIR Number
Optional
Specify the Permanent Account Number (PAN) of the joint account holders in the respective text boxes.
Form 60/61 Available?
Optional
Indicate whether Form 60/61 is available for the joint holders in case they don’t have a PAN.
Country of Domicile
Alphanumeric, Optional
Select the country of domicile from the option list provided; these details are maintained as part of Country Maintenance.
Recover CGT?
Numeric, Optional
Check this option, if the tax on capital gain has to be deducted from the transaction (Redemption, Transfer and Switch)
Address Line 1 and Address Line 2
Click on the ‘Address Details’ link to view the ‘Address’ text box. Here you can enter the address of the joint account holder.
MFIN
15 Character Maximum, Optional
Specify the MFIN of the joint account holder.
FATCA Classification
Display
If the joint selected is an existing entity in the system, then system displays FATCA Classification type.
US Indicia
Display
The system defaults the US Indicia Available as Yes or No based on the existing UH/CIF maintained.
If the existing UH/CIF is Yes then the system defaults the US Indicia available.
If the existing UH/CIF is No then the system derives the US Indicia available based on the country, country of domicile and bank branch country.
FATCA Status
Display
If the joint selected is an existing entity in the system, then system displays FATCA Status based on FATCA maintenance.
Note
The fields ‘PAN/GIR Number’, ’MFIN’ and ‘Form 60/61’ will be displayed only if the client country option ‘SHOWPANINFO’ is set to ‘True’ for your bank.
You can specify the details of one or more nominees, if any, for the unit holder. A nominee could be an existing Unit Holder in the system or could be an external entity.
You can capture the nominee details by clicking ‘Nominee Dtls’ button in the Unit Holder - Maintenance screen.
Nominee ID
Mandatory
If the nominee is an existing unit holder, you can invoke the ‘Find Options’ screen to specify the desired unit holder, by using the search criteria. Else, specify the same.
Nominee Type
Enter the type of Nominee.
Nominee Name
Mandatory
Specify the name of the nominee.
Date of Birth
Optional
Specify the date of birth of the designated nominee.
Gender
Optional
Specify the gender of the nominee.
ID Type
Optional
Select the identification type of the nominee from the drop-down list. If the nominee is a valid Unit Holder, the identification type will be displayed.
ID Number
Optional
Specify the identification number of the identification type of the nominee. If the nominee is a valid Unit Holder, the identification ID will be displayed.
PAN/GIR Number
Optional
Specify the Permanent Account Number (PAN) of the nominees in the respective text boxes.
Form 60/61 Available?
Optional
Indicate whether Form 60/61 is available for the nominees in case they don’t have a PAN.
Relation
Optional
Specify the relationship of the nominee with the unit holder. If the nominee is a valid Unit Holder, the relationship will be displayed.
Award %
Optional
Specify the percentage of the investor’s holdings that belongs to the nominee. The award should sum up to 100.
Address
Optional
Enter the address of the nominee.
Enter your e-mail ID.
Contact Person
Enter the contact person’s name.
IBAN
36 Characters Only; Alphanumeric; Optional
Specify the IBAN (International Bank Account Number) of the account holder.
For further information on the Bank Details screen, refer The Bank Dtls Section under ID Dtls discussed later in this chapter.
FATCA Classification
Display
The system displays the FATCA classification type.
US Indicia
Display
The system defaults the US Indicia Available as Yes or No based on the existing UH/CIF maintained.
If the existing UH/CIF is Yes then the system defaults the US Indicia available.
If the existing UH/CIF is No then the system displays the US Indicia available based on the country, country of domicile and bank branch country.
FATCA Status
Display
The system displays the FATCA Status based on the FATCA maintenance.
If the account is of type ‘Retirement’, you need to capture additional investor details pertaining to retirement accounts in the Member Details screen. Click ‘Member Dtls’ button to invoke the following screen:
Date member became contributory (DD/MM/YYYY)
Date Format, Mandatory
Enter the date on which the investment account was created, i.e., the date on which the investor made the first contribution towards the retirement plan.
Date member details were transferred (DD/MM/YYYY)
Date Format, Optional
If the retirement account was transferred from a different AMC, then specify the date of account transfer.
Employee retirement age
Numeric, Mandatory
Specify the age that will be considered as retirement age for this unit holder.
Date of retirement
Date Format, Display
Based on the retirement age specified for the investor, system derives and displays retirement date in this field.
Date of Death (DD/MM/YYYY)
Date Format, Optional
If the unit holder is deceased, enter the date on which the unit holder died.
Cause of death
Alphanumeric, Optional
If the investor is deceased, then specify the cause of death here.
Area Code
Alphanumeric, Optional
If the unit holder is deceased, select the area code of the unit holder’s residence from the available list of values. The list displays all the values maintained for the parameter AREACODE in the Parameters Maintenance.
Note
You are allowed to invoke the Member Details screen only if the client country parameter ‘RETIREMENTCHK’ has been set to true for your bank.
You can specify the customer details and customer contact details in the desired alternate language. You can capture the alternate language details by clicking ‘Alternate Language Dtls’ button in the Unit Holder - Maintenance screen.
In case of individual customers the following fields are displayed:
First Name
Alphanumeric, Optional
Specify the first name of the individual investor in the desired alternate language.
Company Name
Alphanumeric, Optional
Specify the name of the company for the corporate account in the desired alternate language.
Middle Name
Alphanumeric, Optional
Specify the middle name of the individual investor in the desired alternate language.
Last Name
Alphanumeric, Optional
Specify the last name of the individual investor in the desired alternate language.
In case of a corporate customer, you need to enter the following information instead of the investor name:
Authorized Signatories
60 Character Maximum, Alphanumeric, Optional
Specify the names of any authorized signatories that must be deemed as valid for the company in the desired alternate language.
Address Lines 1-2
Alphanumeric
Specify the default postal address that is to be used for correspondence with the investor in the desired alternate language.
City
Alphanumeric, Optional
Specify the name of the city of residence of the investor in the desired alternate language.
State
Alphanumeric, Optional
Specify the state in which the city of residence of the investor is located in the desired alternate language.
Contact Person
60 Character Maximum, Alphanumeric, Optional
Specify the name of the contact person for the company in the desired alternate language.
Address Lines 1-2
Alphanumeric
Specify the alternate postal address that is to be used for correspondence with the investor in the desired alternate language.
City
Alphanumeric, Optional
Specify the name of the city of residence of the investor in the desired alternate language.
State
Alphanumeric, Optional
Specify the state in which the city of residence of the investor is located in the desired alternate language.
You can maintain the details of boards of directors for a corporate unit holder in this tab. You can capture the details by clicking ‘Director Details’ tab in the Unit Holder - Maintenance screen.
You can capture the following in this screen:
Existing UH/CIF
Alphanumeric; Optional
Indicate whether you are existing UH/CIF.
Director ID
Mandatory
Select the director identification from the adjoining option list. This is applicable only if you are an existing UH/CIF.
Designation
Alphanumeric; Optional
Specify the designation.
Date of Birth
Date Format
Specify the date of birth.
Gender
Alphanumeric; Optional
Select the gender from the adjoining option list.
ID Type
Alphanumeric; Optional
Select the identification type of the director from the drop-down list.
ID Number
Optional
Specify the identification number of the director.
Country of Domicile
Alphanumeric; Optional
Select the country of domicile from the adjoining option list.
Address Line 1
Alphanumeric; Mandatory
Specify the contact address of the director.
Address Line 2
Alphanumeric; Optional
Specify the contact address of the director.
City
Alphanumeric; Optional
Select the city from the adjoining option list.
State
Alphanumeric; Optional
Select the state from the adjoining option list.
Country
Alphanumeric; Optional
Select the country from the adjoining option list.
Zip Code
Optional
Specify the zip code.
Alphanumeric; Optional
Specify the email ID.
Contact Person
Alphanumeric; Optional
Specify the contact person.
Bank
Alphanumeric; Optional
Select the bank from the adjoining option list.
Branch
Alphanumeric; Optional
Select the branch from the adjoining option list.
Account Type
Alphanumeric; Optional
Select the account type from the adjoining option list.
Account Currency
Alphanumeric; Optional
Select the currency of the account from the adjoining option list.
Account Number
Optional
Specify the account number.
Account Name
Alphanumeric; Optional
Specify the name in the account.
IBAN
Optional
Specify the IBAN number.
Director Name
Alphanumeric; Optional
Specify the name of the director.
Percentage Holding
Alphanumeric; Optional
Specify the percentage of holding.
FATCA Classification
Display
If the director selected is an existing entity in the system then system displays FATCA Classification type.
US Indicia
Display
The system defaults the US Indicia Available as Yes or No based on the existing UH/CIF maintained.
If the existing UH/CIF is Yes then the system defaults the US Indicia available.
If the existing UH/CIF is No then the system displays the US Indicia available based on the country, country of domicile, bank branch country and the director percentage of holding.
The UH will be US Indicia as Yes, if the percentage of holdings is greater than maintained for the system parameter ‘FATCAMINPCNTHLDG’.
Note
For Corporate UH, if address or the country code or telephone number of the Director is maintained as US and the director percentage of holding is greater than or equal to the percentage maintained at system parameter, then the Corporate UH is marked as US indicia ‘Yes’.
FATCA Status
Display
If the director selected is an existing entity in the system then system displays FATCA Status based on the FATCA maintenance.
This section contains the following topics:
Invoke the ‘Unit Holder Maintenance Summary’ screen by typing ‘UTSUH’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button.
You can retrieve a previously entered record in the Unitholder Summary screen, as follows:
Note
You can also retrieve the individual record detail from the detail screen by doing query in the following manner:
You can perform Edit, Delete, Amend, Authorize, Reverse, Confirm operation by selecting from the Action list.
You can also search the record by using combination of % and alphanumeric value.
You can search the record for Unit Holder ID by using the combination of % and alphanumeric value as follows:
You can modify the details of Unitholder parameters that you have already entered into the system, provided it has not been subsequently authorized. You can perform this operation as follows:
When you retrieve a unit holder account for the purpose of editing, it is displayed in the Unit holder Maintenance Detail screen, in edit mode. All the non-editable field values are displayed as labels, while the editable fields are enabled for data entry changes.
Note
If you change a previously designated individual investor to a corporate investor, all the details specific to individual investors that you had specified earlier will be lost, and cannot be retrieved, or vice versa.
When you save the changes you make, the system saves the changed record into the database, with the same unit holder ID. No new ID is generated.
You can edit a unit holder account as many times as necessary before you authorize it.
To view a record that you have previously entered, you must retrieve the same in the Unithoder Summary screen, as follows:
You can delete only unauthorized records in the system. To delete a record that you have previously entered:
An unauthorized unitholder record must be authorized in the system for it to be processed. To authorize a record:
When the checker authorizes a transaction, details of validations, if any, that were overridden by the maker of the transaction during the Save operation, are displayed. If any of these overrides results in an error, the checker must reject the transaction. You can authorize more than one account at a time.
The event of making changes to an authorized unit holder account is known as an information change in the system. A unit holder account that has undergone an information change in this manner is reverted back to the unauthorized status, with the changed information, in the database. You must authorize the information change by subsequently authorizing the changed account, for the changed information to be effectively reflected in the system database.
Consider the following example:
You have created an individual unit holder account in the system for Mr. Philip Green, identifying Messrs. ABF Finance as the designated intermediary. At the time of creation, the system saved the account with the unit holder ID generated as 700700000034.
Subsequently, this account number 700700000034 was authorized by the Supervisor user (or a user other than you, who has authorization rights in the user profile).
After this, Mr. Philip requested that the designated intermediary on his account be changed to Far Eastern Finance.
You will perform an information change to the account 700700000034, through the UNITHOLDER SUMMARY screen, and change the intermediary to Far Eastern Finance, and save your changes.
The system now maintains the status of the account number 700700000034, unit holder Mr. Philip Green, as an unauthorized account with the designated intermediary as Far Eastern Finance.
Now, the Supervisor user must authorize the information change that you made to account 700700000034 in the UH Info Change Summary field, for it to be reflected as an authorized record in the database.
After a unitholder record is authorized, it can be modified using the Unlock operation from Action list. To make changes to a transaction after authorization:
When you retrieve a unit holder account for the purpose of making an information change, it is displayed in the Unit Holder Maintenance Detail screen, in Amend mode. All the non-editable field values are displayed as labels, while the editable fields are enabled for data entry changes.
An amended Unitholder record must be authorized for the amendment to be made effective in the system. The authorization of amended records can only be done from Fund Manager Module and Agency branch Module.
The process of authorization is subsequently the same as that for normal transactions.
During an information change, you can allow the check writing facility for an investor. If already allowed, you can disallow it through an information change. If the check writing facility is disallowed, any checks presented after the information change has been authorized will not be processed.
If you need to make changes to the signatories for check writing that have been specified for an investor, you can do so through an information change.
This section contains the following topic:
An investor account can be closed automatically if the accounts remain inactive without any transactions being processed for a defined period of time. The status of the investor accounts will be changed from Active to Inactive/close automatically after the defined period.
You can define the maximum number of calendar days a user can remain inactive in the system using the ‘UH Category Parameter’ screen. You can invoke this screen by typing ‘UTDUHPRD’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button. The screen is displayed below:
UH Category
Alphanumeric; Mandatory
Select the unit hold category from the adjoining option list. The option list displays all the valid UH categories maintained in the system.
Category Description
Display
The selected category description is displayed.
Inactive Period
Numeric; Optional
Specify the number of days an investor belongs to the specified UH category can remain inactive in the system.
Reminder Period
Numeric; Optional
Define the number of calendar days the system should log a warning message, before actually closing the account.
The warning message is logged into the system based on the following:
Units balance = zero
(Maximum Inactive period limit – Reminder Period) >= (App Date – Last transaction Date for the unit holder)
All the unit holder accounts that violating the criteria maintained in this screen will be closed automatically while executing the ‘Automatic Account Closure of Inactive Unit holders’ batch,
This section contains the following topics:
After entering the details in the ‘UH Category Parameter’ screen, another user must authorize it so that it would be effective in the system.
You can edit the transaction any number of times before authorization. You can also delete the content maintained.
After authorization, you can only make changes to the transaction.
The ‘UH Category Parameter Summary’ screen can be used for the following operations:
You can invoke the ‘UH Category Parameter Summary’ screen by typing ‘UTSUHPRD’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button.
You can retrieve/view the UH category parameter details as follows:
You can modify the details that you have already entered into the system, provided it has not been subsequently authorized. You can perform this operation as follows:
You can delete only unauthorized records in the system. To delete a record that you have previously entered:
Apart from the maker, someone else must authorize an unauthorized broker deal in the system for it to be processed. To authorize a record:
This section contains the following topic:
Section 3.6.1, "Invoking Account Type Maintenance Details Screen"
You can capture account type level rules/limits. You can maintain preferences for account type using ‘Account Type Maintenance Details’ screen. You can invoke this screen by typing ‘UTDACTYP’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button.
You can specify the following details:
Account Type
Mandatory
Specify the account type. This adjoining option list displays all valid account type maintained in the system. You can choose the appropriate one.
Account Description
Display
The system displays the description for the selected account type.
Effective Date
Date Format; Mandatory
Specify the date from which the setup is applicable.
Investor Type
Mandatory
Select the investor type from the drop-down list.
Joined Holding Allowed
Mandatory
Select if the joined holding is allowed or not from the adjoining drop-down list. Following are the options available:
Non residents Allowed
Mandatory
Select if the non residents are allowed or not from the adjoining drop-down list. Following are the options available:
Min Age In Years
Optional
Specify minimum age validated during UH creation for individuals. This adjoining option list displays the minimum age in years options maintained in the system. You can choose the appropriate one.
The minimum age maintained will be validated during account creation.
Max Age In Years
Optional
Specify maximum age validated during inflow transaction for individuals. This adjoining option list displays the maximum age in years options maintained in the system. You can choose the appropriate one.
From Date
Date Format; Mandatory
Specify from date.
To Date
Date Format; Mandatory
Specify to date.
The investment amounts maintained here will be validated against the total investment made using this account type between From and To date.
Once this account is created, you will not be able to open another account with same account type under CIF within the From and To date range.
However, you can map to another joint account, either, secondary or third holder.
This field will be validated only for first holder.
Currency
Alphanumeric; 3 Characters; Mandatory
Specify the currency details. This adjoining option list displays the valid currency code maintained in the system. You can choose the appropriate one.
Min Inv Amt
Alphanumeric; 3 Characters; Mandatory
Specify minimum investment amount validated during inflow transactions applicable for date range between from and to date.
Max Inv Amt
Alphanumeric; 3 Characters; Mandatory
Specify maximum investment amount validated during inflow transactions applicable for date range between from and to date.
Min RSP Amount
Alphanumeric; 3 Characters; Optional
Specify minimum RSP amount validated during RSP transactions applicable for date range between from and to date.
No of Accounts Permitted
Mandatory
Specify the number of accounts that can be opened between from and to date range.
Select one of the following options to select if ref type should be included or not:
Transaction Type
Alphanumeric; 8 Characters; Mandatory
Specify the transaction type to be considered for limit check. This adjoining option list displays the valid transaction type maintained in the system. You can choose the appropriate one.
Transaction Type Description
Display
The system displays the description for the selected transaction type.
Ref Type
Alphanumeric; 8 Characters; Mandatory
Specify the ref type to be considered for limit check. This adjoining option list displays the valid ref type maintained in the system. You can choose the appropriate one.
Ref Type Description
Display
The system displays the description for the selected ref type.
You can perform following operations in this screen:
You can retrieve a previously entered record in the Summary Screen, as follows:
Invoke the ‘Account Type Maintenance Summary’ screen by typing ‘UTSACTYP’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button.
Specify any or all of the following details in the corresponding fields:
Click ‘Search’ button to view the records. All the records with the specified details are retrieved and displayed in the lower portion of the screen.
Note
You can also retrieve the individual record detail from the detail screen by querying in the following manner:
You can perform Edit, Delete, Amend, Authorize, Confirm operations by selecting the operation from the Action list. You can also search a record by using a combination of % and alphanumeric value.
You can search the record for Account Type by using the combination of % and alphanumeric value as follows:
You can modify the details of a account type that you have already entered into the system, provided it has not been subsequently authorized. You can perform this operation as follows:
To view a record that you have previously input, you must retrieve the same in the ‘Account Type Maintenance Summary’ screen as follows:
You can delete only unauthorized records in the system. To delete a record that you have previously entered:
An unauthorized account type must be authorized in the system for it to be processed. To authorize a record:
When a checker authorizes a transaction, details of validation, if any, that were overridden by the maker of the transaction during the Save operation are displayed. If any of these overrides results in an error, the checker must reject the transaction.
After a Account Type is authorized, it can be modified using the Unlock operation from the Action List. To make changes to a record after authorization:
This section contains the following topic:
The Financial Intelligence Centre Act (FICA) came into full operation on 30 June 2003. FICA enforces the fund houses to produce identity to their customers. The identity can be produced based on the information given by the customer such as some identification document, residential address via utility bills or any other legal rental/ lease agreements and so forth.
The non-FICA customers are constrained to only certain transactions. Following are the list of transactions that are restricted to non-FICA customers.
As per Subscription Transaction rule, the following conditions are applied:
As per Redemption Transaction rule, the following conditions are applied.
There are two transactions in the Transfer Transaction rule, namely, Transfer Out and Transfer In. As per the Transfer Transaction rule, Transfer Out follows ‘Redemption Transaction Rule’ and Transfer In follows ‘Subscription Transaction Rule’.
During the Unit Holder Amendment, if you change the Correspondence address or the last name, the system would reset the KYC. You need to manually set it again. However, a warning message will be put up before resetting.
The following information needs to be entered in the ‘KYC Dtls’ in the UH Maintenance screen:
Type of Transaction |
System Validation |
Policy Capture |
If Initial Investment is available within the KYC Redemption Period, then warning message will be displayed, else the conditions specified below should be checked: If there are any top ups exceeding the KYC Purchase Limit, warning message will be displayed. If there is any active Policy Premium whose annualized amount exceeds KYC Annual Debit Order Limit, then warning message will be displayed? |
Policy Top Up |
If the client is not KYC compliant and Product is KYC applicable, Top Up Investment ≤ KYC Purchase Limit. |
Policy SI Generation |
No Validation and premium/ annuities would generate irrespective of the KYC checks. |
Subscription |
If client is not KYC compliant, Subscription Amount ≤ KYC Purchase Limit. |
Switch |
No Validation |
Transfer |
This mode will follow Redemption validation for the ‘From Unit Holder’ and Subscription for the ‘To Unit Holder’. |
Subscription Debit Order Generation |
No Validation |
Policy surrender |
If Client is KYC compliant, no validation will take place If Client is Not KYC Compliant and Product Level if KYC is applicable, validation is true. If any initial investment is applicable within the KYC Redemption period, the transaction capture is not allowed; else the following conditions will be checked: If the KYC Purchase Limit within KYC Redemption period exceeds the top ups, then transaction capture will not be allowed. If the Start Date of the new Policy Premium is within the KYC Redemption Period, and the annual amount exceeds the KYC Annual Debit Order Limit, transaction capture is not allowed. Pseudo switch in transactions will be ignored for validation. |
Redemption |
Pseudo switch transactions to be ignored for validation Flow of validations: Clients is KYC compliant – No validation Client is not KYC compliant If any Initial Investment (Identified by Transaction Sub Type) is available within the KYC Redemption Period, then a warning message will be displayed, else the conditions specified below should be checked: If there is any subscription that exceeds the KYC Purchase Limit, then a warning message will be displayed. If there is any new debit order whose annualized amount exceeds KYC Annual Debit Order Limit, then a warning message will be displayed. |
Let, KYC Purchase Limit = R 50000
KYC Annual Debit Order Limit = R 25000
KYC Redemption Period (In months) = 12
Assuming UH1 is not KYC Compliant and Product OMPR1 is KYC Applicable.
Case 1:
User tries to capture policy with initial investment of R 55000 for UH1 in OMPR1 – System would restrict this as it breaches the limit of R 50000
Case 2:
User tries to capture initial investment of R 45000 for UH1 in OMPR1 with premium amount as R 2500 per month – System would restrict this as the annualized premium amount i.e. R 2500 * 12 = R 30000 exceeds the KYC Annual Debit Order Limit.
Case 3:
UH1 is KYC compliant and below are the transaction details:
Date |
Transaction Type |
Product |
Amount |
1/1/2007 |
Initial Investment |
OMGR1 |
45000 |
1/4/2007 |
Top Up |
OMGR1 |
55000 |
On 1st Jun 2007 user changes clients name which makes the client KYC Non compliant.
User tries to capture surrender transaction on 1/Sep/2007 for UH1 in OMPR1 for R 40000. This operation would fail as there is a Top Up transaction within the KYC Redemption Period of 12 months that breaches the limit of R 50000.
Case 4:
UH1 is KYC compliant and below are the transaction details:
Date |
Transaction Type |
Product |
Amount |
1/1/2007 |
Initial Investment |
OMGR1 |
45000 |
There is a monthly premium starting from 1st Feb 2007 and ending on 1st Feb 2009 for R 3000
On 1st Jun 2007 user changes clients name which makes the client KYC Non compliant.
User tries to capture surrender transaction on 1/Sep/2007 for UH1 in OMPR1 for R 40000. This operation would fail as there is a policy premium that is captured within the KYC Redemption Period for which annualized amount is R 36000 and this exceeds the KYC Annual Debit Order Limit.
Case 5:
UH1 is KYC compliant and below are the transaction details:
Date |
Transaction Type |
Product |
Amount |
1/1/2006 |
Initial Investment |
OMGR1 |
45000 |
There is a monthly premium starting from 1st Feb 2006 and ending on 1st Feb 2009 for R 3000
On 1st Jun 2007 user changes clients name which makes the client KYC Non compliant.
User tries to capture surrender transaction on 1/Sep/2007 for UH1 in OMPR1 for R 40000. This operation would be allowed as there is no Top Up or Policy Premium captured within the KYC Redemption Period i.e. 1st Sep 2006 onwards.
Basis date for the validations would be transaction date.
This section contains the following topic:
Escheatment tracking is the process by which a unit holder who is inaccessible is located. In such a case, the contact information of the unit holder does not reflect the current location, which is not known. In such a case, an Stop Code must be assigned to the unit holder account, and certain stop instructions are also placed on the account.
To assign an Stop Code for escheatment tracking, you must perform an information change on the unit holder account. In the Client Preferences section, select the appropriate Stop Code, in the Stop Code field.
The implications of assigning either an IRS Notification or an Stop Code to the account are shown below:
Account Characteristics (in Client Preferences) |
Value |
Inflow |
Outflow |
Standing Instructions status |
Tax |
Dividend payment |
Stop code |
StopCode1 |
Allowed |
Not allowed |
Paused |
Based on TDS |
Based on Income Distribution Setup |
Stop code |
StopCode2 |
Not allowed |
Not allowed |
Paused |
Tax deducted |
Reinvestment |
IRS notification |
Incorrect reporting of Tax ID |
Allowed |
Not allowed |
--- |
Tax deducted |
Reinvestment only |
IRS Notification |
Under Reporting |
Allowed |
Not allowed |
--- |
Tax deducted |
Reinvestment only |
For an IRS Notification or an Stop Code, you must specify the date up to which the stop status on the account will prevail. The BOD process on the next business date after this date will unlock the account and revoke its frozen status.
This section contains the following topics:
Oracle FLEXCUBE Investor Servicing provides interfaces that would enable export of unit holder account master information in respect of all valid unit holders in the system as on a given date, to external agencies. The interfaces facilitate the export of the following information:
The implementers at your installation configure these interfaces according to your requirements. To execute these interfaces and perform the export, you can use the Online Execution of Interfaces menu item in the Batch menu.
Unit holder information is exported in the following format:
Field Name |
Data Type |
Field Length |
UNITHOLDERID |
Alphanumeric |
12 |
AUTHREJECTSTATUS |
Alphanumeric |
1 |
REFERENCENUMBER |
Alphanumeric |
12 |
ACCOUNTOPENINGDATE |
Date |
|
AMCID |
Alphanumeric |
12 |
TITLE |
Alphanumeric |
15 |
FIRSTNAME |
Alphanumeric |
100 |
LASTNAME |
Alphanumeric |
40 |
FIRSTNOMINEE |
Alphanumeric |
60 |
SECONDNOMINEE |
Alphanumeric |
60 |
THIRDNOMINEE |
Alphanumeric |
60 |
ACCOUNTOPERATIONTYPE |
Alphanumeric |
1 |
INVESTORTYPE |
Alphanumeric |
1 |
TAXDEDUCTEDATSOURCE |
Numeric |
1 |
TAXID |
Alphanumeric |
15 |
IDENTIFICATIONTYPE |
Alphanumeric |
3 |
IDENTIFICATIONNUMBER |
Alphanumeric |
15 |
IDENTIFICATIONISSUEDATE |
Date |
|
IDENTIFICATIONEXPIRYDATE |
Date |
|
PLACEOFISSUE |
Alphanumeric |
3 |
RESIDENTSTATUS |
Alphanumeric |
1 |
AGENTCODE |
Alphanumeric |
12 |
BRANCHCODE |
Alphanumeric |
12 |
ACKNOWLEDGEMENTPRINTED |
Numeric |
1 |
INITIALINVESTOR |
Numeric |
1 |
TYPECLOSED |
Alphanumeric |
1 |
CHANGEDATE |
Date |
|
CHANGEREASON |
Alphanumeric |
70 |
CHANGEREFERENCE |
Alphanumeric |
12 |
CHANGEDBY |
Alphanumeric |
15 |
CHANGECHECKERID |
Alphanumeric |
15 |
CHANGECHECKERDATE |
Date |
|
CHANGETYPE |
Alphanumeric |
1 |
MAKERID |
Alphanumeric |
15 |
MAKERDATE |
Date |
|
CHECKERID |
Alphanumeric |
15 |
CHECKERDATE |
Date |
|
UHCATEGORY |
Alphanumeric |
2 |
TAXCIRCLE |
Alphanumeric |
15 |
MIDDLENAME |
Alphanumeric |
40 |
FATHER_SPOUSENAME |
Alphanumeric |
20 |
UHDEALINGTYPE |
Alphanumeric |
1 |
AUTHREPID |
Alphanumeric |
12 |
ACCOUNTSTMTFREQ |
Alphanumeric |
1 |
MODULEID |
Alphanumeric |
30 |
CIFNUMBER |
Alphanumeric |
12 |
FIRSTJOINTUHNAME |
Alphanumeric |
60 |
SECONDJOINTUHNAME |
Alphanumeric |
60 |
THIRDJOINTUHNAME |
Alphanumeric |
60 |
ROAINVESTOR |
Numeric |
1 |
ALLOWROAATCIFLEVEL |
Numeric |
1 |
ACCOUNTOPENINGPURPOSE |
Alphanumeric |
30 |
REMARKS |
Alphanumeric |
255 |
PREFERREDMAILMODE |
Alphanumeric |
2 |
NOTEPADAVAILABLE |
Numeric |
1 |
ALLSIGNATORIESREQDTOSIGN |
Numeric |
1 |
TAXEXEMPTED |
Numeric |
1 |
MINOR |
Numeric |
1 |
DATEOFBIRTH |
Date |
|
GUARDIANNAME |
Alphanumeric |
70 |
RELATIONSHIP |
Alphanumeric |
70 |
BENEFICIARY |
Alphanumeric |
70 |
SEX |
Alphanumeric |
1 |
MARITALSTATUS |
Alphanumeric |
1 |
OCCUPATION |
Alphanumeric |
3 |
NATIONALITY |
Alphanumeric |
15 |
COUNTRYOFDOMICILE |
Alphanumeric |
3 |
CORPORATIONTYPE |
Alphanumeric |
3 |
FIRSTAUTHORIZEDSIGNATORY |
Alphanumeric |
70 |
SECONDAUTHORIZEDSIGNATORY |
Alphanumeric |
70 |
THIRDAUTHORIZEDSIGNATORY |
Alphanumeric |
70 |
MINNOOFCORPORATESIGNATORY |
Numeric |
1 |
REDEMPTIONPAYMENTDEFAULT |
Alphanumeric |
1 |
BASECURRENCY |
Alphanumeric |
3 |
PREFERREDLANGUAGE |
Alphanumeric |
12 |
ACCOUNTSTATEMENTCURRENCY |
Alphanumeric |
3 |
OTHERINFO1 |
Alphanumeric |
60 |
OTHERINFO2 |
Alphanumeric |
60 |
OTHERINFO3 |
Alphanumeric |
60 |
OTHERINFO4 |
Alphanumeric |
60 |
OTHERINFO5 |
Alphanumeric |
60 |
OTHERINFO6 |
Alphanumeric |
60 |
OTHERINFO7 |
Alphanumeric |
60 |
OTHERINFO8 |
Alphanumeric |
60 |
OTHERINFO9 |
Alphanumeric |
60 |
OTHERINFO10 |
Alphanumeric |
60 |
OTHERINFO11 |
Alphanumeric |
60 |
OTHERINFO12 |
Alphanumeric |
60 |
OTHERINFO13 |
Alphanumeric |
60 |
OTHERINFO14 |
Alphanumeric |
60 |
OTHERINFO15 |
Alphanumeric |
60 |
OTHERINFO16 |
Alphanumeric |
60 |
OTHERINFO17 |
Alphanumeric |
60 |
OTHERINFO18 |
Alphanumeric |
60 |
OTHERINFO19 |
Alphanumeric |
60 |
OTHERINFO20 |
Alphanumeric |
60 |
OTHERINFO21 |
Alphanumeric |
60 |
OTHERINFO22 |
Alphanumeric |
60 |
OTHERINFO23 |
Alphanumeric |
60 |
OTHERINFO24 |
Alphanumeric |
60 |
OTHERINFO25 |
Alphanumeric |
60 |
OTHERINFO26 |
Alphanumeric |
60 |
OTHERINFO27 |
Alphanumeric |
60 |
OTHERINFO28 |
Alphanumeric |
60 |
OTHERINFO29 |
Alphanumeric |
60 |
OTHERINFO30 |
Alphanumeric |
60 |
IMAGEAVAILABLE |
Numeric |
1 |
BANKDETAILS |
Alphanumeric |
|
INTERMEDIARYDETAILS |
Alphanumeric |
|
ADDRESSTYPE |
Alphanumeric |
2 |
ADDRESSLINE1 |
Alphanumeric |
80 |
ADDRESSLINE2 |
Alphanumeric |
80 |
ADDRESSLINE3 |
Alphanumeric |
80 |
ADDRESSLINE4 |
Alphanumeric |
80 |
ZIPCODE |
Alphanumeric |
10 |
COUNTRY |
Alphanumeric |
3 |
USSTATE |
Numeric |
1 |
TELEPHONE1 |
Alphanumeric |
15 |
TELEPHONE2 |
Alphanumeric |
15 |
CELLPHONENUMBER |
Alphanumeric |
16 |
FAX |
Alphanumeric |
15 |
Alphanumeric |
60 |
|
CONTACTPERSON |
Alphanumeric |
70 |
EFFECTIVEFROMDATE |
Date |
|
EFFECTIVETODATE |
Date |
|
BICCODE |
Alphanumeric |
12 |
DELIVERYDETAILS |
Alphanumeric |
|
TELEPHONERED |
Numeric |
1 |
TELEPHONESWI |
Numeric |
1 |
WRITECHECKFORMMF |
Numeric |
1 |
FEDWIREACHPAYMENT |
Numeric |
1 |
IRSNOTIFICATION |
Alphanumeric |
10 |
UHACCOUNTTYPE |
Alphanumeric |
2 |
RPOCODE |
Alphanumeric |
10 |
REGISTRATIONTYPE |
Alphanumeric |
2 |
REGISTRATIONNAME |
Alphanumeric |
50 |
FEECATEGORY |
Alphanumeric |
3 |
FEESUBCATEGORY |
Alphanumeric |
6 |
RELEASEDATE |
Date |
|
INDEXATIONONCGT |
Alphanumeric |
1 |
CERTDELIVERYPREF |
Alphanumeric |
1 |
STOPACCOUNT |
Numeric |
1 |
STOPACCOUNTCODE |
Alphanumeric |
10 |
STOPACCOUNTREASON |
Alphanumeric |
255 |
YTDSTMTREQD |
Numeric |
1 |