BMO Capital implements Fenergo’s regulatory onboarding solution

BMO Financial Group’s investment and corporate banking unit, BMO Capital Markets, has deployed Fenergo’s solution for a regulatory and tax compliant client onboarding process.

BMO Financial Group’s investment and corporate banking unit, BMO Capital Markets, has deployed Fenergo’s solution for a regulatory and tax compliant client onboarding process.

Fenergo Client Onboarding Lifecycle Tool enables financial institutions to provide a quick and efficient onboarding process for both new and current customers, while ensuring compliance with increasingly complex regulatory frameworks at client take-on and ongoing due diligence stages.

BMO Capital Markets Client Onboarding managing director Erica Benjamin said: "Fenergo's Regulatory Onboarding solution provides us with an additional level of flexibility and enhances our ability to prioritize our compliance initiatives."

Fenergo CEO Marc Murphy said several clients are choosing to implement Fenergo Regulatory Onboarding by focusing on their biggest pain-point or regulatory challenge first.

"We've invested heavily in the Fenergo platform to provide the enhanced level of flexibility to suit the resources and requirements of financial institutions," Murphy added.

Apart from accelerating onboarding, account opening and client maintenance processes, the solution also manages all the client and counterparty data and documentation required to support compliance management.

In addition, the solution's advanced rules-driven, risk-based regulatory engine supports compliance with both global and local regulations, such as AML, KYC, Dodd-Frank, FATCA, as well as MiFID II and EMIR based on a few key data inputs.

The deployment represents the second Canadian Regulatory Onboarding deal for Fenergo, after its implementation by Scotiabank's Global Banking and Markets division in February 2014.

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BMO Capital implements Fenergo’s regulatory onboarding solution

BMO Financial Group’s investment and corporate banking unit, BMO Capital Markets, has deployed Fenergo’s solution for a regulatory and tax compliant client onboarding process.

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