The changes include improved capabilities for anti-money laundering (AML), authorised contractual schemes (ACS) and client assets sourcebook (CASS) requirements.
An improved AML verification process now takes country and investor risk ratings into account, allowing businesses to quickly establish proof requirements. It also offers a ‘chaser’ process for completing AML verification.
For ACS schemes, Linedata Icon Retail now has improved equalisation capabilities, and offers the option to store additional price data, for both funds and investor documentation.
The UK’s CASS lays out obligations designed to protect clients against the failure of their investment firm. In a bid to make compliance easier, the Linedata product now offers daily reporting on investor balances, and has the capability to automate production of investor client money statements.
Jon Trinder, fund services product manager at Linedata, said: “Our continuing development programme for Linedata Icon Retail means that this transfer agency solution is a strong, robust offering capable of handling high volumes of complex data and compliant with all relevant regulation.”
He added: “We work closely with our clients to ensure that Linedata Icon Retail and our other Fund Services solutions continue to address the challenges—regulatory, investor-led or other—that they face now and in the foreseeable future.”