UBO - Ultimate Beneficial Ownership

Fenergo Client & Counterparty Data Management provides a true representation of client relationships, complex hierarchies and ultimate beneficial ownership across a wide range of regulations (AML, KYC, CRS, FATCA).

Overview

Fenergo Client & Counterparty Data Management enables financial institutions to enhance their risk and regulatory management by gaining a full and true understanding of every legal entity with which it engages in business.

Under AML / CTF laws, financial institutions are tasked with identifying the real ownership of all assets. “Identifying the beneficial owner, and taking reasonable measures to verify the identity of the beneficial owner, such that the financial institution is satisfied that it knows who the beneficial owner is. For legal persons and arrangements this should include financial institutions understanding the ownership and control structure of the customer.” FATF (Financial Action Task Force)

The identification of beneficial owners and, in particular, the ultimate beneficial owner (UBO), forms an integral part of the overall Fenergo’s Regulatory Solutions – from Fenergo Anti-Money Laundering (including the 4th EU Money Laundering Directive) and Know Your Customer (KYC) solutions to Fenergo’s Tax Compliance suite (including Fenergo Common Reporting Standard (CRS) and Fenergo Foreign Account Tax Compliance Act (FATCA)).  

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THE BENEFITS

  • Drive Digital Transformation

    Gain agility and maximize operational efficiency by centralizing onboarding and client lifecycle management across multiple jurisdictions and lines of business.

  • Improve Time to Revenue

    Expedite client onboarding and ensure best-practice compliance with our rich regulatory rules engine and sophisticated workflow capabilities.

  • Enhance Client Experience

    Provide a more consistent, digital experience across all customer-facing channels powered by a seamless, 360-degree view of each client.

  • Solve Regulatory Obligations

    Ensure compliance with a wide range of global and regional AML, KYC and Tax regulations across the entire length of the client lifecycle.

RESOURCES

whitepaper

Beneficial Ownership in Focus, FinCEN vs EU Money Laundering Directive

Heightened anxiety of a number of recent high-profile terrorist activities, has resulted in a significant shift towards increasing corporate transparency and weeding out shell companies in an attempt to bolster the defences against money laundering and terrorism financing.

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BROCHURE

Client & Counterparty Data Management

Fenergo’s Client & Counterparty Data Management solution is designed to help banks create an accurate, consistent and transparent view of all clients and counter-parties.

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Blogs

  • Examining Beneficial Ownership Register Adoption in APAC

    The Financial Action Task Force (FATF) regards access to accurate information regarding beneficial ownership as critical to the effective deterrence of criminal activities that could be obscured by corporate structures.

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  • FATF Finds US Beneficial Ownership Lacking

    Financial institutions should look to standardise management of beneficial ownership through a rule-based technology solution that contains a global directory of beneficial ownership thresholds (which may vary across various jurisdictions and regulatory frameworks).

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  • The Path to Client Lifecycle Transformation is Paved with RegTech

    While regulatory compliance will remain at the forefront of banking operations, RegTech has enabled financial institutions to manage this and lead the charge towards a better, more efficient and client-centric way of doing business.

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