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.
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.download brochure
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.download 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
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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