4th AML Directive Overview
The Fourth EU Anti-Money Laundering Directive (4MLD), effective from June 26th, 2017, is intended to deliver a greater focus on ultimate beneficial ownership and an enhanced risk-based approach to compliance.
The Directive provides stricter requirements for compliant Client Lifecycle Management and Know Your Customer processes, strengthens risk-based processes and prompts the removal of Customer Due Diligence (CDD) exemptions.
The Fifth EU Anti-Money Laundering Directive, set for implementation in 2018, will enforce this further by introducing a stricter beneficial owner threshold of 10% for high-risk entities.
Rules-Driven Approach Required to Comply with 4th AML Directive
Financial institutions must be capable of delivering a robust, risk-based approach to AML compliance in order to comply with the 4th AML Directive.
This involves understanding exactly who you are doing business with, identifying where the sources of funds originate and accurately determining the identities of all known counterparties and associations to the client organization.
With severe reputational and financial penalties on the line, financial organizations need to implement a rigorous approach to 4MLD & 5MLD compliance.
Achieve 4th AML Directive Compliance with Fenergo AML
The Fenergo Anti-Money Laundering solution is a robust and proven AML compliance software solution that seamlessly integrates with Fenergo Client Lifecycle Management to ensure consistent compliance with the 4th AML Directive, from initial onboarding to ongoing due diligence throughout the client lifecycle.
Our integrated enterprise-wide Client Lifecycle Management platform enables financial institutions to enhance their risk and regulatory management by gaining a detailed understanding of every legal entity with which it engages in business.
Tackling the Regulatory Challenge: A Research Paper from Finextra in Association with Fenergo
Our report outlines key areas where RegTech and Client Lifecycle Management solutions can help banks to tackle these challenges going forward.download whitepaper
Fourth European Anti-Money Laundering Directive
Fenergo AML solution is a robust and proven AML compliance software solution that seamlessly integrates with Fenergo Client Lifecycle Management to ensure compliance with all global and local AML regulations from initial onboarding and compliance through to every lifecycle event the client will go through.Download Brochure
CLIENTS WHO TRUSTOUR SOFTWARE SOLUTIONS
We chose Fenergo’s solutions because they will enable us to meet the increasing complex regulatory frameworks with an efficient and client-centric onboarding experience.
John Healy Managing Director, Head of Capital Markets Operations SunTrust Robinson Humphrey
Fenergo’s Regulatory Onboarding solution provides us with an additional level of flexibility and enhances our ability to prioritize our compliance initiatives.
Erica Benjamin Managing Director for Client Onboarding BMO Capital Markets
We chose Fenergo to support regulatory onboarding across our Global Banking and Markets division. We wanted a solution that would support an efficient onboarding experience for all of our customers.
Nicola Ray Smith Managing Director, Global Capital Markets Scotiabank
Our main ambition is to streamline the end-to-end client lifecycle management process – from onboarding to regulatory compliance to lifecycle reviews – for all of our jurisdictions and to standardize processes and procedures across different divisions. Fenergo will help us to achieve operational efficiencies and improve our customer experience, whilst maintaining the highest level of regulatory compliance across the globe
Emma Rey Gállego Head of Customer Experience-Onboarding in CIB BBVA
The global regulatory challenge is one that continues to evolve and grow. It’s more of a journey than a destination. Therefore, it is important to find the right solutions partner to travel along that journey with you and provide the guidance needed to navigate the path ahead. We found such a partner in Fenergo
Faham Rashid Director, Operations & Technology for Global Banking & Markets division of Scotiabank
We selected Fenergo’s Client Lifecycle Management software to enable us to manage the CDD / KYC processes from client onboarding to client off-boarding and all the KYC / CDD compliance and lifecycle events (periodic and event-driven reviews) that occur in between. A core part of our business transformation program will involve creating an internal centralized KYC target operating model that will help us to simultaneously improve the client experience and reduce the cost impact of the regulatory KYC activities. Fenergo is the technology platform that will underpin this initiative.
Helène Erftemeijer, bank-wide responsibility for CDD, client master administration and regulations with ABN AMRO,
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