MAS Act Overview
The MAS Act led to the official formation of the Monetary Authority of Singapore (MAS) in 1971.
This AML/CTF legislation obliges financial institutions to put in place robust controls to detect and deter the flow of illicit funds through Singapore’s financial system.
This includes the need to identify and know their customers (including beneficial owners), to conduct regular account reviews, and to monitor and report any suspicious transactions.
Innovative Approach Required to Comply with MAS Act
Global financial institutions must ensure complete KYC compliance at every point in the client lifecycle in order to comply with Singapore’s wide-ranging AML legislation.
The alternative is severe financial and reputational penalties.
Financial organizations must adopt an innovative and rigorous approach to customer due diligence and KYC procedures and processes to comply with enhanced regulatory rules, improve the client experience and reduce onboarding time and costs.
Streamline MAS Act Compliance with Fenergo
Fenergo’s intelligent Anti-Money Laundering and Regulatory Rules Engine solutions enable banks to comply fully with Singapore’s AML/CTF regulatory requirements.
The solution integrates seamlessly with a wide range of data providers, including beneficial registers, and delivers a centralized source of golden data to ensure all AML and KYC rules and regulations are fully adhered to.
Regulatory Rules Engine
Fenergo Regulatory Rules Engine is a standalone out-of-the-box repository of rules that helps financial institutions comply with immediate regulatory obligations and future-proof against evolving regulatory and operational requirements.download brochure
APAC Focus: The Rise in Beneficial Ownership Register Adoption
The establishment of centralized beneficial ownership registers is seeing growing adoption worldwide, with the potential to greatly enhance information sharing and AML enforcement.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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