FORM 2
THE PATENTS ACT, 1970 (39 of 1970) & THE PATENTS RULES, 2003
COMPLETE SPECIFICATION
(See section 10, rule 13)
/. Title of the invention: IMPLEMENTING A FINANCIAL REGULATION
2, Applicant(s)
NAME NATIONALITY ADDRESS
TATA CONSULTANCY Indian Nirmal Building, 9th Floor, Nariman Point,
SERVICES LIMITED Mumbai, Maharashtra 400021, India
3. Preamble to the description
COMPLETE SPECIFICATION
The following specification particularly describes the invention and the manner in which it
is to be performed.

TECHNICAL FIELD
[0001] The present subject matter relates to financial systems and, particularly but not exclusively, to implementing a financial regulation.
BACKGROUND
[0002] The finance industry is ever-evolving and involves a multitude of laws, legislations, and regulations being introduced from time to time. Such legislations and regulations serve to bring harmonization in the functioning of various financial bodies, such as share markets and banks, and also for providing security to the transactions carried out by customers.
[0003] The increasing advancements in the field of technology have also brought about an exponential growth in the finance industry. Various high-performance systems have been deployed in the financial bodies and such systems facilitate the financial bodies in disposing their functions smoothly and efficiently. The legislations and the regulations are incorporated into the systems for assessment of the transactions being carried out, as to whether the regulations and legislations are complied with or not. Conventionally, the regulations are incorporated into the systems by hard coding various rules in the system, against which each transaction is verified for regulatory compliance.
SUMMARY
[0004J This summary is provided to introduce concepts related to implementing a financial regulation. These concepts are further described below in the detailed description. This summary is not intended to identify essential features of the claimed subject matter nor is it intended for use in determining or limiting the scope of the claimed subject matter.
[0005] A system and computer implemented method for implementing a financial regulation is described herein. According to an implementation, the method includes identifying one or more transaction events associated with the financial regulation. The identifying is based in part on the financial regulation. Further, one or more regulation actions are determined based on the each of the transaction events. The regulation actions are executable during implementation of the financial regulation. Additionally, a regulation

mapping is configured based on the transaction events and the regulation actions. In an implementation, the regulation mapping is configured for ensuring compliance of one or more transactions with the financial regulation.
BRIEF DESCRIPTION OF THE DRAWINGS
[0006] The detailed description is described with reference to the accompanying figure(s). In the figure(s), the left-most digit(s) of a reference number identifies the figure in which the reference number first appears. The use of the same reference number in different figure(s) indicates similar or identical items. The features, aspects and advantages of the subject matter will be better understood with regard to the following description, and the accompanying drawings.
[0007] Fig. 1 illustrates a network environment implementing a compliance accommodation system for implementing a financial regulation, in accordance with an implementation of the present subject matter.
[0008] Fig. 2 illustrates a computerized method for implementing a financial regulation, in accordance with an implementation of the present subject matter.
DETAILED DESCRIPTION
|0009] The present subject matter relates to methods and systems for implementing a financial regulation.
[0010] Conventional systems and methods for implementing a financial regulation involve coding of regulation-related parameters and rules into the system, which results in hard coding of the parameters and rules. Accordingly, when the system executes or manages transactions, the hard-coded instructions facilitate in ensuring that such transactions comply with the financial regulation. However, the financial regulations change dynamically and are continually modified and updated with, for example, changing financial policies. In the event of such modification and updating of the regulations, conventionally, the entire code for accommodating and implementing the financial regulation is re-configured. As a result, the conventional systems also suffer a delay in the implementation of the regulations because

every time the financial regulation is modified, the parameters and rules have to re-configured and coded afresh.
[0011] Methods and systems related for implementing a financial regulation according to the present subject matter can be implemented in a variety of devices, such as a server, a desktop personal computer, a notebook or a portable computer, a mainframe computer, or a mobile computing device. According to an implementation, the methods and systems described herein can be employed at a financial institution, such as a bank, for ensuring compliance with a financial regulation during execution of transactions. However, it should be appreciated by a person skiiied in the art that the present system can also be employed by any other organizations that manage or oversee the completion of one or more transactions.
[0012] According to an aspect of the subject matter, regulation instructions are received in response to issuance of a financial regulation by a regulatory agency, such as Internal Revenue Services (IRS) in the United States of America and Reserve Bank of India (RBI) in India. Based on the regulation instructions, a regulation mapping is configured by determining and incorporating a plurality of parameters including transaction events, transaction event attributes, regulation actions, and action attributes, relating to the financial regulation. Further, various rules can be defined for the parameters, based on the financial regulation, as part of configuration of the regulation mapping. Once configured, the regulation mapping can be implemented for ensuring compliance of transactions and other activities with the financial regulation.
[0013] In an example, the financial regulation can include the E-Signature Act, the Regulation CC, escheatment regulations, regulations regarding maintenance of minimum balance in certain types of bank accounts, and revision of rate of interest for certain type of transaction instruments, such as loans and cash accounts. Such details are included in the regulation instructions, along with other information, for example, information regarding the transactions that are affected by the introduction of the financial regulation.
[0014] In an implementation, upon receipt of the regulation instructions, one or more transaction events are identified based on the regulation instructions. The transaction events can be understood as events, the occurrence of which triggers the implementation and

enforcement of the financial regulation. The enforcement of the financial regulation can be understood as implementation of the financial regulation at. for example the bank, during executions of transactions. In an example, the enforcement of the financial regulation is achieved at financial institutions after relevant measures have been taken for implementing a financial regulation and accommodating the compliance for the financial regulation. According to said example, after the financial regulation is enforced, the transactions are executed such that the transactions and the execution of the transaction comply with the financial regulation.
[0015] Examples of transaction events can include, but are not limited to, opening or closing of an account, modification of customer details, change in term of holding of an 1 account, and transfer of an account. Based on the identified transaction events, one or more transaction event attributes are determined for each of the identified transaction events. The transaction event attributes can include regulation action modes and channels of transactions. The channels of transaction can include various communication channel over which one or more transactions can be affected, such as, the internet for internet banking, phone networks for phone banking, automatic teller machines (ATMs), points-of-sale (PoS) having card readers, and physical channel including transactions carried out physically at a bank. Examples of various regulation action modes include, for example, online mode of regulation action and batch mode of regulation action. In an implementation, the transaction event attributes are determined based on the type of identified transaction event, from records of previously achieved transactions.
[0016] Once the transaction events and the transaction event attributes, associated with each transaction event, have been determined, one or more regulation actions to be carried out for complying with the financial regulation are determined. The regulation actions can include disclosures, messages, notices that are generated in response to the incorporation of the financial regulation and sent to customers and regulatory agencies. Additionally, the regulation actions can also include processes to be executed for accommodating the financial regulation in transaction. According to an implementation, the regulation actions associated with the financial regulation can be determined based on the transaction events and the transaction attributes, or, in another implementation, on the basis of the financial regulation.

|0017] Additionally, for each regulation action, one or more action attributes are ascertained. The action attributes can be understood as various attributes associated with the regulation action and which affect the execution of the regulation action. For example, the action attributes can include transaction parameters, say customer name, customer type, and nationality, and can also include transaction instrument details, say different types of accounts, to which the financial regulation is applicable and for which the regulation action is to be carried out. In the above examples, the various action attributes determine, say, the type of customers and the type of transaction instruments, which form the basis of execution of the regulation action. In an implementation, the action attributes can be ascertained based on the regulation actions, and the transaction events and the transaction event attributes associated with the transaction events. In another example, the action attributes can be directly ascertained from the regulation instructions relating to the financial regulation.
[0018] Once the transaction events, transaction event attributes, the regulation actions, and the action attributes are obtained, various combinations between each of these parameters is determined as part of configuration of the regulation mapping. For example, for a financial regulation, a combination is defined for each transaction event, with each transaction event attribute, each regulation action, and each action attribute. Further, for each such combination, a set of rules is defined as part of configuration of the regulation mapping for that combination.
(0019] According to an implementation, for configuring the regulation mapping, each combination of the transaction events, transaction event attributes, regulation actions, and action attributes, and the rules defined for the respective combinations are populated in a mapping template. The mapping template can be understood as a framework on the basis of which the regulation template is configured. In said implementation, each combination of the above parameters and the rules defined for the combination are populated in the mapping template, and associated with the financial regulation, to finally obtain the regulation mapping. Hence, according to said implementation, a regulation mapping is configured for each combination of the above mentioned parameters. In an example, the mapping template is provided as a matrix framework, and therefore, the regulation mapping configured by populating the template is in the form of a regulation matrix. As mentioned earlier, the

regulation mapping can be implemented for achieving transactions and can be used to ensure compliance of the transactions with the financial regulation, by virtue of the parameters and rules included therein.
[00201 The provision of the regulation mapping in the form of a template provides flexibility to the system for implementing financial regulations and ensuring compliance with financial regulations. In the event of modification of the financial regulation, the regulation mapping can easily incorporate the modification by simply modifying the parameters and the rules associated with the modification of the financial regulation. Further, with such provision of the regulation mapping, various different types of financial regulations can be easily incorporated with very little time for implementation of the financial regulations.
(0021] While aspects of described systems and methods for implementing a financial regulation can be implemented in any number of different compliance accommodation systems, environments, and/or configurations, the embodiments are described in the context of the following system architecture(s).
[0022] Fig. 1 illustrates a network environment 100 implementing a compliance accommodation system 102 for implementing a financial regulation, according to an embodiment of the present subject matter. In said embodiment, the compliance accommodation system 102 is connected to and interacts with a plurality of user devices 104-1, 104-2 ...104-N, collectively referred to as the user devices 104 and individually referred to as a user device 104. In one example, the compliance accommodation system 102 can be implemented at a financial institution, such as a bank or a stock exchange. In an implementation, the compliance accommodation system 102 can be a sub-system of a transaction system deployed at the financial institution. The transaction system can be configured to receive a multitude of transaction requests through the user devices 104 and service the transaction requests to performing various transactions. In an example, customers of the financial institution, using various financial products and services of the financial institution can send the transaction requests through the user devices 104. In said example, the compliance accommodation system 102 can track the transaction requests received from the user devices 104 and identify a channel of transaction used for the transaction request. In an implementation, the compliance accommodation system 102 can be implemented as the

transaction system and can be configured to perform transactions based on the transaction requests received from the user devices 104.
[0023] The compliance accommodation system 102 may be implemented as any of a variety of conventional computing devices, including, for example, servers, a desktop PC, a notebook or portable computer, a workstation, a mainframe computer, a mobile computing device, an entertainment device, and an internet appliance. The user devices 104 may include, without limitation, desktop computers, hand-held devices, laptops or other portable computers, network computers, mobile phones, multi-media enabled phones, or smart phones. In an implementation, the user devices 104 can also include an automatic teller machine (ATM), or a card reader placed at a point-of-sale (POS) for raising a transaction request to carry out the transaction.
[0024] The compliance accommodation system 102 is connected to the user devices 104 over a network 106 through one or more communication links. The communication links between the compliance accommodation system 102 and the user devices 104 are enabled through a desired form of communication, for example, via dial-up modem connections, cable links, digital subscriber lines (DSL), wireless or satellite links, or any other suitable form of communication.
|0025] The network 106 may be a wireless network, wired network or a combination thereof. The network 106 can be implemented as one of the different types of networks, such as intranet, local area network (LAN), wide area network (WAN), the internet, and such. The network 106 may either be a dedicated network or a shared network, which represents an association of the different types of networks that use a variety of protocols, for example, Hypertext Transfer Protocol (HTTP), Transmission Control Protocol/Internet Protocol (TCP/IP). Wireless Application Protocol (WAP), to communicate with each other. Further, the network 106 may include a variety of network devices, including routers, bridges, servers, computing devices, storage devices.
[0026] Further, the compliance accommodation system 102 can be connected to a regulatory server 108, which is associated with a regulatory agency. The regulatory agency can be a financial institution or a government body, such as the Reserve Bank of India (RBI)

in India and Internal Revenue Sendees (IRS) in the United States of America, which issues financial regulations from time to time. The regulatory agency can provide the issued regulations for public access on the regulatory server 108. The compliance accommodation system 102 receives the financial regulations from the regulatory server 108 over the network 106.
[0027] In one implementation, the compliance accommodation system 102 includes processor(s) 110 coupled to a memory 112. The compliance accommodation system 102 further includes interface(s) 114. for example, to facilitate communication with the user devices 104. The interface(s) 114 may include a variety of software and hardware interfaces, for example, a web interface, a graphical user interface, allowing the compliance accommodation system 102 to interact with the user devices 104. Further, the interface(s) 114 may enable the compliance accommodation system 102 to communicate with other computing devices, such as web servers and external data servers (not shown in figure). The interface(s) 114 can facilitate multiple communications within a wide variety of networks and protocol types, including wired networks, for example LAN, cable, and wireless networks such as WLAN, cellular, or satellite. The interface(s) 114 may include one or more ports for connecting the compliance accommodation system 102 to a number of devices to or to another server.
[0028] The processor(s) 110 may be implemented as one or more microprocessors, microcomputers, microcontrollers, digital signal processors, central processing units, state machines, logic circuitries, and/or any devices that manipulate signals based on operational instructions. Among other capabilities, the processor(s) 110 is configured to fetch and execute computer-readable instructions stored in the memory 112. The memory 112 can include any computer-readable medium known in the art including, for example, volatile memory such as static random access memory (SRAM) and dynamic random access memory (DRAM), and/or non-volatile memory, such as read only memory (ROM), erasable programmable ROM, flash memories, hard disks, optical disks, and magnetic tapes.
[0029] Further, the memory 112 includes module(s) 116 and data 118. In one implementation, the module(s) 116 include a determination module 120, a configuration engine 122. and other module(s) 124. The other module(s) 124 may include programs or

coded instructions that supplement applications or functions performed by the compliance accommodation system 102.
|0030] The data 118 includes a regulation instruction data 126, a transaction data 128, a mapping data 130, and other data 132. The other data 132, amongst other things, may serve as a repository for storing data that is processed, received, or generated as a result of the execution of one or more modules in the module(s) 116. Although the data 118 is shown internal to the compliance accommodation system 102, it may be understood that the data 118 can reside in an external repository (not shown in the figure), which is coupled to the compliance accommodation system 102. The compliance accommodation system 102 may communicate with the external repository through the interface(s) 114 to obtain information from the data 118.
[0031] In operation, the compliance accommodation system 102 is configured to implement a financial regulation and to further ensure compliance of transactions for the financial regulation, for example, when the transactions are executed. To implement such compliance, the compliance accommodation system 102 tracks the transaction requests sent by the user devices 104 over the network 106, and stores the transaction requests in the other data 132. Further, the transaction requests can also include a user device identity (ID) associated with the user device 104 from which the transaction request is received. In an example, the user device ID can be an International Mobile Equipment Identity (IMEI) number of the user device 104, a phone number associated with the user device 104, an IP address of the user device 104, or an email address of a user communicating the transaction request to the compliance accommodation system 102 through the user device 104. la case, the user device 104 is an ATM or a card reader, the user device ID can include an identification tag preconfigured and associated with such devices.
[0032] Once the financial regulation by the regulator)' agency is available, the determination module 120 receives regulation instructions associated with the financial regulation from the regulatory server 108. The financial regulation can be a new regulation or a modification to the existing regulations, such as the E-Signature Act, the Regulation CC, the Regulation DD, escheatment regulations, and the Bank Secrecy Act including the Customer identification process. Additionally, the financial regulations can include local regulations

introduced by the financial institution. For example, a local change in rate of interest made by a bank based on a change in the base rate of interest by the regulatory agency, say, the RBI.
[0033] The regulation instructions can include details of the financial regulation that is issued. For example, in case the financial regulation is relating to a revision in rate of interest, then the regulation instructions can include the prevalent rate of interest, the revised rate of interest, products or type of accounts on which the revision of the rate of interest is applicable, and whether any extra charges or fees are levied on existing customers with the revision of the rate of interest. Further, the regulation instructions can include one or more transactions events at the execution of which the financial regulation is to be enforced. In an example, the transaction events can include events such as opening of a new account or change in term of holding by the customer, deposit or withdrawal of cash or repayments, and grant of loan on the basis of the deposit in the account. The enforcement of the financial regulation can be understood as to include the implementation of the financial regulation at a financial institution. The financial regulation can be enforced at the time of execution of transactions. The transaction can be considered to be compliant when, upon enforcement of the financial regulation, the transaction is executed in-line with the various requirements specified within the financial regulation, compliance with which is sought. In an example, the enforcement of the financial regulation is achieved at the financial institutions after the financial has been implemented and the accommodation of compliance with the regulation has been completed according to the present subject matter.
{0034] Additionally, the regulation instructions can include various conditions and rules that must be met for compliance with the financial regulation. For example, a bank may issue a regulation that a prevalent rate of interest on savings accounts, recurring accounts, and term deposits is to be revised from 4 % per annum to 5 % per annum. The details of revision are included in the regulation instructions. Further, in said example, the regulation instructions also include the conditions for the implementation of the financial regulation, i.e., the regulation instructions include that the bank account type should be one of a savings account, a recurring account, or a term deposit account; and whether the financial regulation is inapplicable to other type of accounts. The regulation instructions can also include other rules and conditions, such as whether a premature withdrawal is allowed from the accounts that fall

under the purview of the financial regulation, and whether an extra charge would be levied for making a premature withdrawal. In addition, in an example, the regulation instructions can include a country in which the financial regulation is to be enforced. In an implementation, determination module 120 stores the regulation instructions in the regulation instruction data 126.
|0035] Further, in order to implement the financial regulation, the compliance accommodation system 102, in an implementation, configures a regulation mapping based on the regulation instructions. Once configured, the regulation mapping is further employed to implement the financial regulation and to ensure compliance with the financial regulation and to ensure that the financial regulation is complied with, when the actual transactions are performed by user. In an implementation, various parameters and rules relating to the financial regulation are defined in the regulation mapping, and during, the transaction is carried out based on the parameters and the rules that are applicable. The regulation mapping is explained in detail later.
[0036] In an implementation, based on the regulation instructions, the determination module 120 identifies the transaction events which in turn indicate the events the occurrence of which triggers enforcement of the financial regulation. For example, the regulation instructions can be effected upon inclusion of a new customer, or opening a new account, modification of details of an existing customer, on change in rate of interest, upon change in term, or on execution of certain type of financial instrument, say, deposit or withdrawal made in the form of a cheque. In an implementation, the determination module 120 can identify the transactions events, and consequently the transactions, directly from the information in the regulation instructions.
[0037) In one example, if the regulation instructions relate to revision of a rate of interest, the transaction event would include a date from which the revised rate of interest is effective. Hence, according to said example, when a transaction is made on or after the date of rate of interest being effective, the financial regulation is applicable and for compliance, the interest is calculated at the revised rate of interest as mandated by the financial regulation. In another example, if the regulation instructions relate to validity of electronic signatures, say, the E-sign Act, then the transaction event can be creation of a new customer account or

modification of an existing customer account. In an implementation, the determination module 120 can determine the transaction events from the regulation instructions. In another implementation, the determination module 120 can be configured to request an administrator operating the compliance accommodation system 102 to identify and provide the transaction events. The determination module 120 can store the identified transaction events in the transaction data 128.
10038] Once the transaction events have been identified, the determination module 120 can determine one or more transaction event attributes that are associated with the identified transaction events. In an example, the transaction event attributes can include one or more channels of transaction, i.e., the various channels used for carrying out the transactions relating to the identified transaction events. Further, the transaction event attributes can also include regulation action modes, say, whether regulation actions relating to the transaction events are performed in batch mode or in online mode or both. The online mode of regulation action can be understood as a regulation carried out through, say, an ATM, through mobile banking, internet banking, or over electronic mail.
[0039] On the other hand, batch mode of regulation action can be understood as a regulation action carried out physically, for example, by sending a physical document to the customer through mail. In an example, such a mode would involve the bank to carry out internal processes, such as checking for fraudulent activities and carrying out anti-money laundering checks. The channels of transaction can include the internet, mobile networks, point-of-sale (PoS), ATM, and physical channel including the transactions achieved by visiting the bank. In an implementation, the determination module 120 can determine the regulation action modes based on the identified transaction events. For example, in case the transaction event is modification of the existing customer account then the regulation action mode can be online as well as batch, i.e., the transaction can be achieved either electronically or physically. In other cases, when the transaction is opening a new account, the regulation action mode can be the batch mode.
[0040] Further, according to an implementation, the determination module 120 can determine the channels of transaction on the basis of the identified transaction events, in the same manner as described above for determination of the regulation action modes. In another

implementation, the determination module 120 can determine the channels of transaction based on previously stored user data. For example, based on the previous transaction requests stored in the other data 132, the determination module 120 can ascertain the commonly used channels of transaction for the identified transaction events, say, based on the user device IDs stored in the other data 132. Based on the commonly used channels of transaction, the determination module 120 can determine the channels of transaction by. for example, by selecting few or all of the commonly used channels of transaction. The determination module 120 can store the transaction event attributes in the transaction data 128. In an example, the regulation action modes can be identified based on the channels of transaction.
[0041] The determination module 120 can also determine one or more regulation actions that are to be carried out in response to the introduction of the financial regulation. In an example, the regulation actions can include processes to be executed in response to the financial regulation, and disclosures, messages, and notices that can be generated in response to the financial regulation and transmitted to the customers or to relevant regulatory authorities, say, the Internal Revenue Services (IRS) in the United States of America.
[0042] The disclosures, messages, and notices can include written information that are sent to the relevant party to intimate about changes that would be brought about by the introduction of the financial regulation. In an example, the notices can be escheatment notices issued to a customer to inform of deactivation of an account and the notices can include mortgage reviews. Further, the disclosure can be of static or dynamic type. A static disclosure can be understood as part of written information that is not directed towards selected users, but is globally transmitted. For example, Regulation P is a static-type disclosure. On the other hand, dynamic disclosure can be a disclosure that is to be sent to a selected group of people. For example, a disclosure generated as part of change in the rate of interest issued by a bank is a dynamic disclosure. In said example, the disclosure is sent to certain selected customers of the bank who are affected by the change in the rate of interest.
[0043] Further, the processes in the regulation action can be understood from the following example. According to a regulation known as Regulation CC, a rule called the "200-dollar rule" is inducted as part of the transaction process. With the introduction of the 200-dollar rule, when a cheque is deposited into a personal account or a savings account on

the first day of operation of the account, an amount of $200 is directly deposited into the account irrespective of the amount of money being deposited. Additionally, the rest of the amount is deposited on the basis of rules and policies defined by the bank and those defined in the financial regulation. The induction of the 200-dollar rule in the transaction process forms the process which is executed in response to the introduction of Regulation CC. It will be understood that a process can also be excluded from the existing scheme of processes, as part of implementing and accommodating compliance with the financial regulation.
[0044] In an implementation, the determination module 120 can determine the regulation actions based on the transaction and the transaction event attributes. In another implementation, the regulation actions can be directly determined on the basis of the financial regulation introduced. In an example, the determination of the regulation actions can partly be based on the channels of transaction. In said example, in case the financial regulation relates to revision of rate of interest and the channel of transaction is, say, the internet, then the regulation action can be selected to be generation of disclosure and forwarding the same to the customer over the internet. As mentioned earlier, it will be understood that the selection of the regulation action is partly based on the channel of transaction, and is also affected by other factors, such as the transaction event and the transaction event attributes. In an implementation, the determined regulation actions are also stored in the transaction data 128.
|0045] In an implementation, after the determination of the regulation actions, the determination module 120 can identify one or more action attributes associated with each of the determined regulation actions stored in the transaction data 128. The action attributes can be understood as those parameters that would undergo modification for implementing the financial regulation. Accordingly, the determination module 120 can identify the action attributes based on the transaction and the transaction event attributes stored in transaction data 128 and, which may be based on the financial regulation.
[0046] In another implementation, the determination module 120 can identify the action attributes based directly on the financial regulation. In said implementation, the regulation instructions associated with the financial regulation can include details of the action attributes that may be modified to accommodate the financial regulation when enforced. In yet another implementation, the action attributes can be identified from previous records of transaction

events achieved upon transaction requests received from the user device 104 and stored in the other data 132. In a further implementation, the determination module 120 can be configured to request the action attributes from an external agency, such as an administrator operating the compliance accommodation system 102. The determination module 120 can store the action attributes in the transaction data 128.
[0047] In an example, in which the financial regulation is Regulation DD and one of the determined regulation actions is disclosure generation, then the action attributes can include transaction parameters, such as date of transaction, type of customer, nationality of the customer, and ID type of the customer; and transaction instrument details, such as various types of accounts, mortgages, securities, and insurance.
[0048] In another example of the financial regulation being Regulation DD. when one of the determined regulation actions is process execution, then the action attributes can include transaction parameters, such as minimum balance to be maintained in the account, number of transactions allowed during a fixed time period, fees and charges associated with the transactions, and status of account, say, active, dormant, or inactive; and transaction instruments, such as various types of accounts, loans, securities, and insurance.
[0049] As an example, Table 1 illustrates various regulations, various action attributes associated with the respective regulation, and different options or values that the action attributes can assume. As will be understood, the determining of the action attributes can also include ascertaining the different values or options that the action attributes can have.

Financial Regulation Action Attributes Action Attribute options/values
E-Sign Act E-Sign Flag • • YES NO
Date of Activation Date
Date of Deactivation Date
Regulation DD Product • Savings Account

Checking Account Term Deposit
Customer Type Individual Corporate Bank
Change in term Period
Amount
Currency
Change in Interest Period
Slab Type Amount Currency

Change in Min Amount
Balance Currency
Regulation CC Remittance type Cheque
(Cheque /Demand Demand Draft
Draft / etc) Pay order

Post type Savings
Checking Account Term Deposit

Customer type Individual
Corporate Bank

New /Existing New
Customer Existing
Prospect

Amount Greater than
Lesser than

• Greater than or equal to
• Lesser than or equal to
• Equal to

Hold period • Bank
• One day
• Three day
• Bank Defined
• As per Regulation
• Exception
• Case by Case
TABLE 1
10050] Further, once the transaction events, transaction event attributes, regulation actions, and action attributes have been determined, in an implementation, the configuration engine 122 is configured to configure one or more regulation mappings for accommodating the financial regulation therein. The regulation mappings can then be used during the execution of transactions, to ensure compliance of the transactions with the financial regulation. As part of configuration of the regulation mappings, the configuration engine 122 can create a combination of the financial regulation with each of the transaction events, each of the transaction event attributes, each of the regulation actions, and each of the action attributes, all stored in the transaction data 128. With such configuration, various permutations and combinations of the transaction events, the transaction event attributes, the regulation actions, and the action attributes are achieved. The configuration engine 122 can store the various combinations in the mapping data 130.
[0051] Additionally, as part of generation of the regulation mapping, the configuration engine 122 is configured to define rules for each combination among the regulation, the transaction events, the transaction event attributes, the regulation actions, and the action attributes. According to an implementation, the configuration engine 122 can define the rules based on the rules and conditions retrieved from the regulation instructions by the

determination module 120 and stored in the regulation instruction data 126. In said implementation, for configuring the rules, the configuration engine 122 can employ various mathematical operators, such as equal to (=), less than (<), greater than (>), less than or equal to (=<), and greater than or equal to (=>), and Boolean operators, say. AND, OR, and NOT. Further, in an implementation, the configuration engine 122 can be configured to define the rules based on the action attributes and the various values that the action attributes may assume, as shown in Table 1.
[0052] In the manner as described above, the configuration engine 122 can define the various rules and configure the regulation mapping to ensure the financial regulation. In an implementation, the configuration engine 122 can configure the regulation mapping by populating a mapping template for the financial regulation with the various transaction events, the transaction event attributes, the regulation actions, and the action attributes associated with the financial regulation, the various combinations between these parameters, and the rules configured by the configuration engine 122. The mapping template can be understood as a basic framework and results in the regulation mapping, when, for example, populated with the above mentioned parameters and rules. According to said implementation, each regulation mapping is created by populating a mapping template with each combination of the transaction events, transaction event attributes, regulation actions, and action attributes, and related rules. Hence, it will be understood that, in said implementation, one regulation mapping is generated for a single combination of the above mentioned parameters. Further, in an implementation, the mapping template is in the form of a matrix, and hence, the regulation mapping is configured in the form of a regulation matrix.
[0053] Further, for each combination and each set of rules populated in the mapping template, the configuration engine 122 can associate a unique code with the mapping template. In an example, in which the regulation action is generation of disclosure, the unique code can also be associated with a disclosure template to identify the disclosure. In said example, the disclosure can be generated by populating the details from the combination of the parameters into the disclosure template associated with the combination and the mapping template for the combination.

[0054] To understand the creation of the rules by the configuration engine 122, in an example, consider a case in which the financial regulation is that the rate of interest for savings accounts, fixed deposits, term deposits, and recurring deposits, is revised from 11 % to 11.5 % effective from 1 January 2012. In such a case, the transaction events can be the date on which the regulation is effective, the transaction attributes can include all regulation action modes and all channels of transaction, and the regulation action can be, say, generation of disclosure. The action attributes can be identified to include the rate of interest, the type of transaction instruments, the customer type, say, individual and corporate, and the date on which the revised rate of interest is effective. Accordingly, in one example, the rules defined by the configuration engine 122 can be as follows:
IF transaction instrument = fixed deposit OR term deposit OR recurring deposit OR saving accounts AND IF date =< 1/1/2012 AND IF channel = alt AND IF mode - all AND IF customer type = individual OR corporate THEN rate of interest = 11.5 % and THEN regulation action - TRUE
[0055] In another example, consider the financial regulation to be the E-Sign Act, which allows users to enter into contract electronically by upholding the validity of electronic records and signatures as much as the validity of written physical records and signatures. The E-Sign Act allows users to contract online to buy and sell products and services, insurance, mortgage, open brokerage accounts on-line, all without submitting physical documents, and allows the users to send and receive notices and disclosures in electronic form.
[0056] Based on the regulation instructions in the financial regulation, the determination module 120 identifies the transaction events as creating customer accounts and modifying customer accounts. Based on the transaction events, the transaction module 120 determines the transaction attributes. The regulation action mode can include both modes, online as well as batch. Further, the determination module 120 determines the regulation actions as disclosure generation, and the action attributes can be consent of the customer to receives electronic disclosure, referred to as E-Sign flag, the date from which the consent of the customer is effective from, referred to as activation date. In an implementation, based on the regulation instructions, the determination module 120 determines the country in which the

financial regulation is to be enforced. Accordingly, based on the above determined parameters, the configuration engine 122 configures the following rule:
IF E-Sign flag = YES AND date = activation date THEN regulation action = TRUE
[0057] As can be understood from the above example, when defining a rule, the configuration engine 122 can include multiple parameters and attach multiple conditions using various mathematical and logical operators.
[0058] Based on the defined rule, the compliance accommodation system 102 can carry out the regulation action. In an example, in case the regulation action is generation of the disclosure, the compliance accommodation system 102 can identify the disclosure based on the unique code, in the manner described earlier, and then generates the disclosure by including the above details. Further, the compliance accommodation system 102 can forward the disclosure to the customer. Additionally, based on the rules, the compliance accommodation system 102 can also forward the disclosure to the regulatory agency, for example, the IRS. For forwarding the disclosure, the compliance accommodation system 102, in one implementation, can use user device ID from the other data 132 and obtain contact details for the regulatory agency from the world wide web or the internet. In another implementation, the compliance accommodation system 102 can request for user contact details and contact details from the regulatory agency. In another example, the computing device 102 can execute a process as part of the regulation action.
[0059] As an example, Table 2, shown below, illustrates a regulation mapping for various financial regulations and different combinations.

Financial Regulation Regulation action Regulation action mode Transaction event Mapping template unique code
E-Sign Act Disclosure Both Customer Create USESIGN001

REG DD Disclosure Batch Account open USREGDD001
REGDD Disclosure Batch Change in rate of interest USREGDD002
REGDD Disclosure Batch Change in term ofholding USREGDD003
Escheatment Process -Status Update Online Customer NIL
Escheatment Process Batch Customer USREGES001
REGCC Process -$200 Rule On line Cheque Deposit NIL
REGCC Process -Bank Hold On line Cheque Deposit NIL
REGCC Process -Case by Case On line Cheque Deposit NIL
TABLE 2
[0060] The use of the mapping template for the configuration of the regulation mapping provides flexibility to the compliance accommodation system 102 in accommodating and ensuring the financial regulations. In an example, in case a modification of the financial regulations is effected by the regulatory agency, the compliance accommodation system 102 can be configured to simply modify the existing regulation mapping. The modification of the regulation mapping can include addition or deletion of transaction events, transaction event attributes, regulation actions, action attributes, or a combination thereof, and populating the existing the existing regulation mapping template with the new parameters and defining new rules for accommodating the modification in the financial regulation. Accordingly, the inclusion of updates in the financial regulations in the regulation mapping for ensuring

compliance with the updated financial regulations is simple and convenient, and requires less time for incorporation.
[0061] Additionally, the provision of the mapping template also allows various different rules, for example, those at local level, say State regulations, and those at global level, say National or International regulations, to be accommodated in the regulation mapping. Considering an example of regulations for escheatment, Federal Law in the United States of America provides that a customer account shall be rendered dormant and escheated, when the customer account remains inactive for more than a threshold period. Accordingly, a disclosure or a notice is generated, and system-generated transactions and user-initiated transactions are not allowed. However, according to California State Law, when the customer account is escheated in similar conditions as mentioned previously, the system-generated and user-initiated transactions are allowed with certain charges associated with each transaction. In said example, the compliance accommodation system 102 provides the flexibility to configure two combinations of the various parameters to encompass the two regulation actions, namely generation of disclosure and including permission to perform transactions upon payment of extra fees, and define two separate rules to comply with both, Federal Law as well as the California State Law.
[0062] Hence, in the previous example of the E-Sign Act for rule definition, description of the action attributes, say, the effective date, are identified to implement the financial regulation, as shown in Table 3.

Action attributes Action attribute options/values
E-Sign Flag • YES
• NO
• None
Activation Date • Enter Date
Deactivation Date • Enter Date

[0063] Based on the various parameters determined in addition to those mentioned in Table 3, i.e., regulation actions, transaction events, and transaction event attributes, the configuration engine 122 defines the rules for implementing and ensuring compliance for the financial regulation. In an example, the configuration engine 122 can also define the regulation action in the rule itself as shown below:
IF E-Sign Flag = YES; AND Activation Date = Date THEN Regulation action = Generate E-Sign Disclosure
[0064] Once, the rules have been defined, and the regulation mapping is configured, the configuration module 122, in one example, associates a unique code with the regulation mapping for the E-Sign Act and also associate a unique code with the disclosure template associated with the regulation mapping. The unique code associated with the disclosure may be referred to as a disclosure mnemonic also serves as a reference to the generation of disclosure. The various tags and the values for each tag. associated with the regulation mapping are shown, as an example, in Table 4.

Tag Tag value
Regulation Code E-Sign Act
Disclosure Name E-Sign Opt Disclosure
Disclosure level Customer /Business Partner
Disclosure type On line
Disclosure Mnemonic USREG009
TABLE 4
[0065] Further, according to an implementation of the present subject matter, the configuration engine 122 can be configured to validate the regulation mapping. For example, when a customer is created or whenever the customer data is amended, say, by the customer himself, then the configuration module 122 checks the options that the customer has selected. In said example, the customer may opt for electronic communication via physical mail or electronic mail. Based on the validation, the compliance accommodation system 102 can, in

said example, determine the E-sign flag and capture date of activation in the above rule. Further, based on the status of the E-sign flag and the date of activation, the compliance accommodation system 102 automatically carries out the regulation action. In said example, the compliance accommodation system 102 generates the required disclosure, identified based on the disclosure mnemonics, and the generated disclosure can be further electronically viewed by the customer or electronically mailed to the customer, or printed and mailed to the customer, based on the selected option.
|0066] Fig. 2 illustrates a method 200 for implementing a financial regulation, according to an implementation of the present subject matter. Although, description for the method 200 is provided below with reference to the compliance accommodation system 102 configured to implement the financial regulation and to accommodate compliance with the financial regulation, it will be understood that the method 200 can be carried out by other systems and devices.
[0067] The method 200 may be described in the general context of computer executable instructions embodied on a computer-readable medium. Generally, computer executable instructions can include routines, programs, objects, components, data structures, procedures, modules, functions, which perform particular functions or implement particular abstract data types. The method 200 may also be practiced in a distributed computing environment where functions are performed by remote processing devices that are linked through a communications network. In a distributed computing environment, computer executable instructions may be located in both the local and the remote computer storage media, including memory storage devices.
[0068] The order in which the method 200 is described is not intended to be construed as a limitation, and any number of the described method blocks can be combined in any order to implement the method 200, or an alternative method. Additionally, individual blocks may be deleted from the method 200 without departing from the spirit and scope of the methods, systems and devices described herein. Furthermore, the method 200 can be implemented in any suitable hardware, software, firmware, or combination thereof.

[0069] Referring to Fig. 2, at block 202, regulation instructions are received in response to introduction of financial regulation. The financial regulation can be issued by a regulatory authority., for example, the RBI in India and the IRS in the United States of America. In an example, the regulations instructions are received by the determination module 120.
[0070] At block 204, on the basis of the regulation instructions, one or more transaction events are identified. The transaction events can be those events on the execution of which the financial regulation is to be enforced and the compliance with the financial regulation is to be ensured. In an example, the transaction events can include creation of a customer account, modification of a customer account, change of rate of interest, and cash transfers. In an implementation, the details of the transaction events are included in the regulations instructions. In another implementation, the transaction events can be requested from an external agency, such as an administrator of the computing device 102. In an example, the transaction events can be requested as well as identified by the determination module 120.
[0071] At block 206, one or more transaction event attributes are determined based on the transaction events. The transaction event attributes can include regulation action modes, for example, online mode and batch mode, and can include channels of transaction. In an example, the channels of transaction can be internet, mobile phones, ATMs, points-of-sale (PoS), and physical channels of transaction. In one example, the channels of transaction can be determined based on previously stored transaction records, from which most commonly used channels are determined for the transaction events identified at block 204. In an implementation, the transaction event attributes can be determined by the determination module 120.
[0072] Further, at block 208, one or more regulation actions to be executed for compliance with the financial regulation are determined, for example, based on the transaction events and the transaction event attributes. The regulation actions can include one or all of generation of disclosures, notices, or messages, and transmission of said disclosures, messages, and messages to customers and to regulatory agencies. The regulation actions can also include execution of certain processes, as part of complying with the financial regulation. In an example, the regulation actions are determined by the determination module 120.

[0073] At block 210. one or more action attributes associated with each of the regulation actions are identified. In an example, the action attributes are identified by the determination module 120. According to an implementation, the action attributes are identified based on the regulation instructions received at block 202. In another implementation, the action attributes can be requested from an administrator operating the compliance accommodation system 102, say, at the financial institution.
[0074] For the sake of brevity, the details of the regulation actions and the details of the action attributes and the determination thereof are not discussed here. The details of the regulation actions and action attributes, and the determination of the regulation actions and action attributes can be understood to be achieved in the same manner as described with reference to Fig. 1.
[0075] Once the steps at block 204, 206, 208, and 210 have been executed, a combination of the financial regulation with each of the transaction events, each of the transaction event attributes, each of the regulation actions, and each of the action attributes is obtained at block 212. In an implementation, the configuration engine 122 can achieve the formation of combinations between these parameters. In an example, various permutation and combinations among the financial regulation, the transaction events, transaction event attributes, the regulation actions, and the action attributes are achieved to cover various possibilities and to ensure compliance with the financial regulation in the event of one or more of these possible combination of parameters being true during actual transactions.
[0076] Further, at block 214, a plurality of rules are defined for each combination of the transaction events, the transaction event attributes, the regulation actions, and the action attributes which are obtained at block 212. In an implementation, the plurality of rules is defined for each combination on the basis of conditions and rules included in the regulation instructions. In another implementation, the definition of rules is requested from the administrator operating the compliance accommodation system 102. In an example, the configuration of rules as well as the definition of rules is achieved by the configuration engine 122. Further, based on the combinations and the rules defined for each combination,.a regulation mapping is obtained, which can be used for implementing the financial regulation and for further accommodating compliance with the financial regulation.

[0077] In an implementation, the regulation mapping is obtained by populating a mapping template with each combination of the transaction events, the transaction event attributes, the regulation actions, and the action attributes, with the financial regulation, and also including the rules for each combination in the mapping template. Hence, it will be understood that one regulation mapping is obtained for each combination of the aforementioned parameters. In an implementation, the mapping template is provided in the form of a matrix and the regulation mapping is, hence, configured as a regulation matrix. Additionally, a unique code is associated with each unique regulation mapping. The unique code can also associated with a template of the regulation actions, for example, the disclosure, notices, and messages, for execution of the regulation action associated with the regulation mapping. In an example, the regulation mapping is configured by the configuration engine 122.
[0078] Further, at block 216, it is determined whether a modification in the financial regulation is issued by, for example, the regulatory agency. In case, the modification is issued ('Yes' branch from block 216), the method steps from block 202 onwards are executed again to incorporate the modification in the financial regulation. In such a case, the existing regulation mapping is updated based on the modification in the financial regulation. For example, either of the transaction events, transaction event attributes, regulation actions, action attributes, or a combination of these parameters, may be updated in the existing regulation mapping, to adapt the compliance accommodation system to ensure compliance of transactions with the modified financial regulation.
[0079J On the other hand, if the financial regulation is not modified further ('No' branch from block 216), then at block 218, the one or more regulation mappings obtained at block 218 are validated. In an example, the validation of the regulation mappings is achieved by the configuration engine 122. In an example, when a customer is created or whenever the customer data is amended, say, by the customer himself, then options selected by the customer are determined. In said example, the customer may opt for electronic communication via either physical mail or electronic mail or both. Based on the validation, the action attributes are determined. Further, based on the status of action attributes and the validation, the regulation action is achieved. In said example, the disclosure to be generated is identified based on the unique code associated with the regulation mapping and the disclosure

template. The generated disclosure can then either be viewed electronically by the customer or electronically mailed, or printed and sent to the customer, based on the selected option.
[0080] At block 220, after the validation of the mapping regulations, the mapping regulations are implemented in the compliance accommodation system 102. Further, based on the transaction requests and the various transaction events occurring, the compliance accommodation system 102 executes different regulation actions based on the mapping regulations to implement the financial regulation and to further ensure compliance of the different transactions with the financial regulation.
[0081] It will be understood that the simple examples above are included for the purpose of explanation. The compliance accommodation system 102 can be used for enforcing and implementing complex financial regulations in the same manner as described above.
[0082] Although implementations for implementing financial regulations have been described in language specific to structural features and/or methods, it is to be understood thai the present subject matter (and not appended claims) is not necessarily limited to the specific features or methods described. Rather, the specific features and methods for implementing financial regulations are disclosed as implementations of the present invention.

I/We claim:
1. A computer implemented method for implementing a financial regulation, the method
comprising:
identifying at least one transaction event associated with the financial regulation, wherein the identifying is based in part on the financial regulation;
determining at least one regulation action based on the at least one transaction event, wherein the at least one regulation action is executable during implementation of the financial regulation; and
configuring a regulation mapping based on the at least one transaction event and the at least one regulation action, wherein the regulation mapping is configured for ensuring compliance of one or more transactions with the financial regulation.
2. The computer implemented method as claimed in claim 1, wherein configuring the regulation mapping is achieved by populating a mapping template.
3. The computer implemented method as claimed in claim 1, wherein the identifying at least one transaction event comprises determining at least on transaction event attribute associated with the at least one transaction event.
4. The computer implemented method as claimed in claim 3, wherein the at least one transaction event attribute is at least one of a regulation action mode and a channel of transaction.
5. The computer implemented method as claimed in claim I, wherein the at (east one regulation action is at least one of generation of a disclosure, generation of a message, generation of a notice, and execution of a predetermined process.
6. The computer implemented method as claimed in claim 1, wherein the determining at least one regulation action comprises ascertaining at least one action attribute relating to the at least one regulation action, based in part on the regulation instruction.
7. The computer implemented method as claimed in claim 6. wherein the configuring the regulation mapping is based on the at least one action attribute.

8. The computer implemented method as claimed in claim 6, wherein the configuring the
regulation mapping comprises:
forming a combination of the at least one transaction event with the at least one regulation action and the at least one action attribute; and
defining rules, in response to the forming, based on at least one of the at least one transaction event, the at least one regulation action, and the at least one regulation action.
9. The computer implemented method as claimed in claim 6, wherein the at least one action attribute is at least one of a transaction parameter and a transaction instrument detail.
10. A compliance accommodation system (102) for implementing a financial regulation, the compliance accommodation system (102) comprising:
a processor (110); and
a memory (112) coupled to the processor (110), the memory (112) comprising:
a determination module (120) configured to:
determine at least one transaction event for triggering enforcement of the financial regulation, based on a regulation instruction relating to the financial regulation;
identify at least one regulation action based on the at least one transaction event, wherein the at least one regulation action is executed during the enforcement of the financial regulation; and
ascertain at least one action attribute associated with the at least one regulation action; and
a configuration engine (122) configured to generate a regulation mapping for achieving compliance of transactions with the financial regulation, wherein the regulation mapping is generated based on the at least one transaction event, the at least one regulation action, and the at least one action attribute.

11. The compliance accommodation system (102) as claimed in claim 10, wherein the configuration engine (122) is further configured to generate the regulation mapping by populating a mapping template.
12. The compliance accommodation system (102) as claimed in claim 10, wherein the determination module (120) is further configured to determine at least one transaction event attribute relating to the at least one transaction event.
13. The compliance accommodation system (102) as claimed in claim 12, wherein the configuration engine (122) is further configured to generate the regulation mapping based on the at least one transaction event attribute.
14. The compliance accommodation system (102) as claimed in claim 10, wherein the configuration engine (122) is further configured to:
create a combination between the at least one transaction event, the at least one regulation action, and the at least one action attribute; and
define a rule for generating the regulation mapping, wherein the rule is based on the combination.
15. A computer-readable having embodied thereon a computer program for executing a
method for implementing a financial regulation, the method comprising:
identifying at least one transaction event based on the financial regulation, wherein the transaction event triggers enforcement of the financial regulation;
determining at least one transaction event attribute based on the at least one transaction event;
ascertaining at least one regulation action associated with the financial regulation, based on the at least one transaction event and the at least one transaction event attribute, wherein the at least one regulation action is executed during the enforcement of the financial regulation;
determining at least one action attribute associated with the at least one regulation action;

creating a combination of the at least one transaction event with the at least one transaction event attribute, the at least one regulation action, and the at least one action attribute; and
defining one or more rules for the combination for achieving a regulation mapping for ensuring compliance of transactions with the financial regulation, wherein the regulation mapping is based on a mapping template.