Regulatory Rules Engine
Fenergo Regulatory Rules Engine brings together - in one repository – all the content, intelligence and rules required to support best practice compliance with global AML/KYC, Tax and OTC derivatives-based regulations
The ever-evolving regulatory landscape is forcing financial institutions to solve multiple regulations and compliance rules simultaneously. Each of these regulations dictate a different set of data, documentation and regulatory classification requirements, putting increased pressure on already stretched compliance, data management and onboarding teams.
Fenergo Regulatory Rules Engine provides an out-of-the-box repository of rules, which can be easily configured by financial institutions to future-proof against evolving regulatory and operational requirements. The Rules Engine supports the regulations required for investment, corporate and private banks to be compliant, including:
KYC and AML Regulations e.g. Patriot Act, 3rd and 4th EU Anti Money Laundering Directive, FINRA Rules etc.;
Tax Regulations e.g. Common Reporting Standard, FATCA, UK CDOT and associated inter-governmental agreements;
Global OTC Derivative Regulations e.g. Dodd Frank (US), EMIR (EU), Margin Requirements, as well as emerging OTC derivatives rules in APAC (ASIC, HKMA, MAS) and Canada.
Market Reform Rules e.g. MiFID II
Based on a few key data points (legal entity type, jurisdiction, legal entity role, booking entity and products), the Fenergo Regulatory Rules Engine dictates
- all the regulations that need to be supported;
- the data and documentation that need to be captured;
- the KYC questions that need to be answered;
- the risk assessment that needs to be undertaken;
- the classifications that needs to be completed.
By understanding the data and documentation needs upfront for all clients, financial institutions can ensure a faster onboarding process, with fewer requests for information from clients.
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,
The global regulatory challenge is one that continues to evolve and grow. It’s more of a journey than a destination. Therefore, it is important to find the right solutions partner to travel along that journey with you and provide the guidance needed to navigate the path ahead. We found such a partner in Fenergo