Fenergo combines intelligent regulatory rules logic with centralized client and counterparty data, enabling financial institutions to efficiently comply with Australia’s AML legislation.
AUSTRAC issued the AML CTF Act in 2006 which requires reporting entities to verify a customer's identity before providing a designated service to the customer. The AML CTF Rules sets out the minimum customer identification information, and information about beneficial owners, which reporting entities must obtain and verify. Reporting entities are also required to identify and declare whether a customer or the beneficial owner of a customer is a 'politically exposed person' (PEP).
Rules-Driven Approach Required to Comply with AUSTRAC
AUSTRAC compliance creates significant operational challenges for financial organizations tasked with efficient onboarding and client lifecycle management. Covered financial institutions must ensure they comply with the AML CTF Act or face severe financial and reputational penalties. In order to improve time to revenue and enhance the client experience, banks must adopt a rigorous rules-driven AML process capable of delivering consistent compliance throughout the client lifecycle.
Simplifying AUSTRAC Compliance
Fenergo’s rules-driven Anti-Money Laundering and Regulatory Rules Engine compliance solutions are uniquely designed to protect your financial organization against AUSTRAC regulations. We deliver a unified Client Lifecycle Management solution, comprised of Client & Counterparty Data Management, AML / KYC / Tax & Regulatory Compliance. The Fenergo platform provides sophisticated client & account-related workflows, which significantly reduces client onboarding and operational time and costs.
Regulatory Rules Engine
Fenergo Regulatory Rules Engine is a standalone out-of-the-box repository of rules that helps financial institutions comply with immediate regulatory obligations and future-proof against evolving regulatory and operational requirementsdownload brochure
APAC Focus: The Rise in Beneficial Ownership Register Adoption
The establishment of centralized beneficial ownership registers is seeing growing adoption worldwide, with the potential to greatly enhance information sharing and AML enforcementdownload whitepaper
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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