A Sub-sector scheme refers to a section of a customer sector tagged with a line of business. The compliance planet software through this sub-sector scheme feature maps each sub-sector of a customer sector with a line of business. During the process of opening an account, the occupation of the financial institution’s prospective customer determines which sector and sub-sector the customer’s account will be categorized into. In line with ADRAPS, each sub-sector is tagged with a line of business, which makes a sub-sector scheme. Thus, for each sub-sector scheme, there is a line of business code. So, during the processing of the various ADRAPS reports, the compliance planet software processes the sub-sector code and line of business code in order to place each account under a line of business in accordance with ADRAPS requirements.
● SubSector Code: This is a unique number that represents a sub-sector.
● SubSector Description: This refers to a customer sub-sector. A sub-sector is a subdivision of a group of customers classified based on related occupations.
● LoB Code: This is a unique number that represents a particular line of business. No two lines of business have the same LoB code. The
● LoB Description: This refers to the kind of product manufactured or service rendered by customer within a customer sub-sector. A line of business is a general term that describes the products or services offered by a business or manufacturer. Line of business is represented by LoB.:
SUB-SECTOR SCHEME OPERATIONS
The operations pertaining to SUB-SECTOR SCHEME on the Compliance Planet are:
1. Editing a sub-sector scheme
2. Deleting a sub-sector scheme
3. Creating a new sub-sector scheme
4. Downloading all sub-sector schemes
5. Bulk delete of sub-sector schemes
6. Bulk upload of new sub-sector schemes
The last three (3) operations are for bulk operations.
