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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.

Useful resources

Fourth European Anti-Money Laundering Directive

A rules-driven, risk-based compliance solution that complies fully with the 4th EU Money Laundering Directive.

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