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Managing the Delta of Regulatory Data

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Managing the Delta of Regulatory Data

In most investment banks and capital market firms, client and counterparty data and documentation lie in repositories across various product and business lines and jurisdictions. Lacking centralization or an ability to create a single view of the client, this data and documentation remain under-utilized, and, in many cases, is often collected and captured multiple times during a client’s lifetime with the institution.

In fact, in a recent research study commissioned by Fenergo and conducted by Forrester Research, it was revealed that clients are contacted up to 10 times, with each client onboarding application requiring between five and 100 documents to be captured during the client onboarding process.

In this paper, Fenergo calls for a review of the process. Based on successful client implementations, Fenergo illustrates that up to 80% of all regulatory data and documentation required to comply with newer or enhanced regulations has already been collected under existing AML and KYC regulatory obligations. It proposes that by implementing a rules-driven approach to storing, indexing and re-using entity data and documentation on an enterprise-wide level, financial institutions can achieve faster regulatory compliance with multiple regulatory frameworks, more efficient onboarding and enhanced time to revenue. 

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