Digiata's FIC compliance solution automatically identifies and reports cash transactions exceeding regulatory thresholds. Built with SQL Server and ETL processes, the system reduced reporting time from hours to minutes while ensuring complete FICA compliance. Implemented in just 4 months, it eliminated manual processes, provided comprehensive audit trails, and protected financial institutions from compliance penalties through standardised, accurate reporting.

This comprehensive solution automates the identification, tracking, and reporting of cash transactions exceeding regulatory thresholds to the Financial Intelligence Centre (FIC). Developed over 4 months, the system eliminated manual processes, reduced reporting time from hours to minutes, and ensured compliance with FICA requirements while providing complete audit trails.

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Core Functionality

• Automatically identifies reportable transactions from multiple financial data sources

• Applies business logic to flag transactions exceeding regulatory thresholds

• Generates standardized FIC compliance reports ready for submission

• Provides comprehensive audit trails and reporting timestamps

• Enables real-time monitoring of cash transactions

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Technical Information & Development

• Utilizes ETL (Extract, Transform, Load) processes for seamless data integration

• Extracts transaction data from Bank Recon and Grand Central systems

• Stores and processes data using SQL Server for robust data management

• Implements SQL Server Reporting Services (SSRS) for generating compliance reports

• Developed and delivered within a 4-month timeframe

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Business Impact

Financial institutions operating under FICA previously faced significant challenges with manual threshold reporting processes, including time-consuming procedures, high error risks, compliance penalties, and operational inefficiencies.

The automated solution delivered multiple measurable benefits:

• Reduced processing time from several hours to minutes

• Eliminated potential regulatory fines through timely, accurate reporting

• Standardized compliance reporting with FIC-approved formats

• Decreased report rejection rates through improved data accuracy

• Enhanced productivity without additional headcount requirements

• Provided complete transaction traceability with timestamped audit trails

• Enabled proactive risk management through real-time transaction monitoring

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This system continues to deliver value by streamlining regulatory compliance while freeing staff to focus on strategic compliance tasks rather than manual reporting.

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