Fenergo’s centralized, rules-driven regulatory platform is purpose-built to help your financial organization comply with FinCEN CDD final rule obligations.
Coming into force on May 11th, 2018, FinCEN’s Final Customer Due Diligence (CDD) Rule will require financial institutions to enforce risk-based procedures for conducting ongoing Customer Due Diligence and Know Your Customer (KYC) processes. Known as the Fifth Pillar of AML/BSA compliance, this regulation promises to improve global corporate transparency by requiring financial institutions to identify and verify the identity of the beneficial owners of legal entity customers that open new accounts.
Risk-Based Approach Required to Comply with FinCEN CDD Final Rule
The FinCEN CDD Final Rule brings significant compliance, operational and legal challenges for financial institutions in relation to client lifecycle management and onboarding. Covered financial institutions must not only know who their customers are and where their sources of funds originate, they also need to develop an accurate risk profile based on a culmination of all available client data and documentation. To achieve this, an appropriate level of due diligence checks must be applied to all beneficiaries. This will, therefore, demand an efficient, risk-based approach to preparing for and solving its increased regulatory demands.
Exceed FinCEN Beneficial Ownership Obligations with Fenergo AML
The Fenergo Anti-Money Laundering (AML) solution delivers world-class regulatory workflow technology that enables financial institutions to easily comply with a wide range of AML, KYC and CDD regulatory obligations, from initial client onboarding and throughout every event in the client lifecycle.
The solution empowers banks to enhance their risk and regulatory management by gaining a full and true understanding of every legal entity client. It clearly illustrates overall corporate structures and ownership models, as well as a full view of all associated and interlinked companies, directors, shareholders, guarantors and beneficiaries, helping the bank to proactively track and manage all of this information seamlessly.
FinCEN Final Rule: Redefining Client Due Diligence Requirements
FinCEN’s Final Customer Due Diligence (CDD) Rule (i.e. FinCEN Final Rule (CDD)) will bring in sweeping new changes to how financial institutions collect, maintain and act upon beneficial ownership information and conduct customer due diligence.
FinCEN Final Rule: 4 Data Management Considerations
Based on our analysis of the Rule, there are four key examples of ambiguity around the regulatory expectations for CDD and beneficial ownership data management that covered financial institutions (FIs) should be aware of.
UBO in Focus: FinCEN Final Rule vs 4th EU Money Laundering Directive
This blog explores the ultimate beneficial ownership requirements under FinCEN’s Final Rule and the 4th EU Money Laundering Directive and the challenge posed by different percentages of ownership across different regulations.
In this paper we cover how the FinCEN Final Rule affects beneficial ownership disclosure requirements, the 10 major implementation challenges banks can expect to encounter in the coming months and 8 best practice approaches to enable you to deliver an efficient, risk-based approach to meet the full remit of FinCEN’s final rule.
FinCEN, SEC and CFTC issue joint guidance to clarify expectations for obtaining beneficial ownership information
FinCEN issue an ANPR to help establish a common and more prescriptive definition of a beneficial owner
2013 - 2014
U.S. presents Action Plan for Beneficial Ownership to G-8
FinCEN issue NPR permitting FIs to exercise their own risk-based judgement
FinCEN Final Rule comes into force on May 11th
CLIENTS WHO TRUSTOUR SOFTWARE SOLUTIONS
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
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.
Managing Director, Head of Capital Markets Operations SunTrust
Fenergo’s Regulatory Onboarding solution provides us with an additional level of flexibility and enhances our ability to prioritize our compliance initiatives.
Managing Director for Client Onboarding BMO Capital Markets