Fenergo CRS Compliance works hand-in-hand with the Fenergo Regulatory Rules Engine to identify clients (new or existing) who may be in scope for CRS compliance. Fenergo CRS Compliance effortlessly handles all discrepancies that may exist between jurisdictions (e.g. trusts are classified differently in Canada and the UK for the purposes of FATCA reporting).
New & Pre-Existing Accounts:
For new client onboarding / account opening, Fenergo CRS Compliance enables the efficient and easy capture of CRS-specific information through specific data capture fields, which will make the ongoing process of tracking and managing clients exhibiting certain CRS indicia easier.
For all pre-existing accounts, Fenergo CRS Compliance conducts an extensive remediation process in an effort to identify clients who are in scope for reporting. Once these clients have been accurately identified, Fenergo CRS Compliance performs a counterparty tax classification on them, ensuring that all data and documentation has been collected, refreshed and updated to support its regulatory remit.
Leveraging Client & Counterparty Data & Documentation
With CRS drawing heavily on AML / KYC data requirements and those collected for other regulatory compliance frameworks – most especially FATCA – Fenergo CRS Compliance enables financial institutions to identify, locate and re-use data and documentation that currently exists for the purposes of CRS compliance. This reduces the need to contact clients to submit information and speeds up the time it takes to reach compliance with CRS regulations.
CRS Compliance enables bank customers to perform self-certification. This involves the submission / collection of documentary evidence obtained as part of the account opening process, which allows the institution to determine the account holder’s residence(s) for tax purposes. The solution also comes with the Fenergo Self-Certification Portal, a secure, cloud-based, multi-lingual portal that streamlines, automates, expedites and reduces the effort involved in collecting data through a step-by-step form filling interface.
Client Reviews & Reporting:
Fenergo CRS Compliance performs both scheduled and ad-hoc client and account reviews in an effort to ensure continued compliance with CRS obligations.
The solution also provides financial institutions with the ability to perform full reporting for CRS obligations.
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.