Multiple Opening of the Same Invoice
A user has reported to us that they have two supervisors trying to approve the same invoice. Because of the timing difference, it has resulted the confusion in the allocation of invoice number.
For example, the first one approved the invoice, the system allocates invoice number “101”. At just a second, the second supervisor approves the same invoice, the system allocates invoice number “102” to it.
There is really no financial implication to the two transactions since there is only one invoice got approved.
However, it does result the skipping of the invoice number “101” not being used. We are going to disallow the second approval once the request goes to the server and the system found out that the invoice has already been approved.
Once we are done with the changes, we will update your system.
Thank you very much for all your help!
2022 AML Amendment Bill
The pending legislation is to require Virtual Assets and Precious Metals and Stones dealers to register and to keep all transactions for law enforcement and audit purposes.
We may need to include a different set of CDDs for VA and PM/S dealers if the law get passed.
Seminar on AML
Seminar: Introduction to AML for CSA
Agenda:
1. How to handle the AML ordinance using the new program.
2. Walking through the features in AML: Client Confirmation, KYC, RBA, CDD, Sanction, PEP, Sanction, and Training
3. Question and Answer period
Time: August 16, 2022 (15:00 to 16:30)
Format: Zoom Meeting
To Register: https://forms.gle/xCgXLvVuqfg39hhf6
or
If you have any question about the program, please ask before or during the seminar or call me at 2521-3110.
Sincerely,
Oscar Lo
2521-3110
oscar@plsoft.com
Wanted Lists for AML
You may have noticed that we have established a Wanted List in our website to check whether an individual is wanted by the Interpol as well as other law enforcement agencies.
We are going to incorporate this useful feature into the AML system.
Invoice Register
We are going to make the change to the Invoice Registry Report for more information to users.
- We have added a separate row called Customer Advance. When a customer sends in a payment which is more than the invoice amount, user can first click the Customer Advance box for the excess amount, then press “Auto” to generate the correct journal entry. By doing so, the system would automatically generate an Advance account for the customer. The chart of accounts structure is AD-Customer Number. AD means Advance and Deposit from Customer.
- We have expanded the annotation to indicate whether the status of an invoice. The basic status tells an invoice Settled (S), Outstanding (O) or,Cancelled. However, we have added the seasons as Fully Paid (FP), Advance and Deposit (AD), Credit Note issued (CN), Write-Off (WO) and Partial Paid (P). For a fully paid invoice with payment, the annotation will be S+FP. For a fully paid invoice with excess payment, the annotation will be S+FP+AD. For a settled invoice with some payment and write-off, the annotation will be S+P+WO. The purpose is to provide more information to readers of the Invoice Registry.
Sanction Check Reactivated
We have rewritten the AML Sanctin Check to coup with the changes faced in Chrome and Edge browsers.
Even though it works on browsers other than the two mentioned, we think that these two are the most popular ones and we have to accommodate their changes.
Receipt in Foreign Currency
We are going to modify the issuance of Payment Receipt function in order to deal with the receipt of foreign currency for the payment of a Hong Kong dollar invoice. The new Payment Receipt will display the full amount receipt in “foreign currency” and the invoice balance outstanding in Hong Kong currency.
The existing Payment Receipt shows the gain or loss in foreign exchange as the outstanding amount and that is not correct. If you do encounter this problem please call us to update the system to its latest version.
Sorry for any inconvenience caused.
Sanction Check News
The recent changes of the Chrome and Edge browsers have rendered our Sanction Check and PEP Private’s inability to display the search results. While using other browsers may still continue to display the results, we think it is better to redo the whole Sanction Search function.
Please be patient. This will not affect the existing AML System users.
For those who wants to use the Android App Sanction Check, please call us at 2521-3110 for downloading the APK file.
KYC and CDD for Tencent
The Wall Street Journal reported that TENCENT may face huge fine for not following the CN Money-laundering Rules. TENCENT (00700.HK) WeChat Pay is facing a record-high fine for the suspected breach of People’s Bank of China’s anti-money-laundering rules.
The Chinese regulatory agency has recently discovered that WeChat Pay was not following China’s anti-money-laundering rules and not in compliance with the KYC “know your customer” and CDD “know your business” regulations.
Meanwhile, WeChat Pay was found to have allowed fund transfer and money laundering through gambling and other illicit deals.
China is a member of the international FATF “Financial Action Task Force”.
AML Seminar in March
We are going to organize a zoom seminar on Introduction to AML for CSA. If you are interested, please sign up using the Google link here.
Seminar Title: Introduction to AML for CSA
Time: March 8, 2022 (15:00 to 16:00)
Format: Zoom Meeting
To Register: https://forms.gle/YosLWScSBRCNoWKA9
Agenda
- How to handle the AML ordinance using the new program.
- Walking through the features in AML: Client Confirmation, KYC, RBA, CDD, Sanction, PEP, Sanction, and Training
- Question and Answer period
If you have any question about the program, please ask before or during the seminar or call me at 2521-3110.
For viewing the past seminar:
http://www.plsoft.com/seminar20201114/
For seeing how the new PEP Private database works:
http://www.plsoft.com/pep-private/
Sincerely,
Oscar Lo
2521-3110