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HKMA AML

Fenergo’s intelligent rules-driven regulatory platform is purpose-built to help Hong Kong banks to comply with HKMA Anti-Money Laundering obligations.

HKMA AML Overview

On 1 March 2018, The Hong Kong Monetary Authority (HKMA) will enact the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2017. 
This requires covered financial institutions to comply with statutory customer due diligence (CDD) and record-keeping requirements for the HKMA register of relevant individuals . 
The aim of these enhancements is to bring Hong Kong’s regulatory regime in line with FATF recommendations and to safeguard the integrity of Hong Kong as a global financial centre.

Robust Approach Required to Comply with HKMA AML

HKMA AML compliance puts increased focus and pressure on customer due diligence (CDD) and KYC processes for financial institutions, adding significantly to the overall cost of compliance, potentially increasing the time to revenue for most banks and impacting the client experience. 
Both domestic and foreign banks must stay compliant with Hong Kong regulations or face severe financial and reputational penalties.

Achieve HKMA AML Compliance with Fenergo

Fenergo’s intelligent Anti-Money Laundering and Regulatory Rules Engine compliance solutions are designed specifically to protect your financial institution against evolving or new HKMA regulations. 
Our end-to-end Client Lifecycle Management solution, which is comprised of Client & Counterparty Data Management, AML / KYC / Tax & Regulatory Compliance and sophisticated Client Onboarding & Account Management workflow.

Together, these solutions help to significantly accelerates client onboarding and compliance through increased operational efficiency and straight through processing.

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Management Intelligence & Analytics

Client Lifecycle Management is a transformative process that involves the fusion of leading edge technology with process and people to deliver the ultimate client-centric experience that traverses compliance, data collection, internal approvals, client onboarding and management of clients over time.

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Beneficial Ownership Disclosure: Lifting the Corporate Veil in APAC

In the wake of the Panama papers publication, beneficial ownership disclosure requirements have been re-examined globally. Many APAC countries are now choosing to embrace FATF recommendations, reflecting heightened global regulatory sensitivity.

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