BoC US branches taps Fenergo for onboarding & compliance

Bank of China US branches has adopted Fenergo’s solutions to enhance its onboarding and compliance processes.

BoC US Branches, subsidiaries of the 4th largest bank in the world, has gone live with  platform, Fenergo CLM.

The platform provides the bank with an end-to-end client management solution enhancing its compliance framework, especially in the areas of KYC (Know Your Customer), Anti-Money Laundering (AML), and Customer Due Diligence (CDD).

Fenergo CEO Marc Murphy said: “I’m delighted to announce BoC US Branches as our latest valued client now live and in production.  BoC US Branches are dedicated to providing the tightest set of regulatory controls and customer due diligence.

“We have invited the bank to join our Client Advisory Board and Regulatory Forums, adding to the collective industry intelligence of Fenergo’s other global clients.  I look forward to working closely with Bank of China US Branches and their contributions.”

Headquartered in Dublin, Ireland, Fenergo is a provider of Client Lifecycle Management software solutions for financial institution, including Corporate & Institutional, Business & Commercial and Private banks.

Its solutions include AML/KYC compliance, client & counterparty data MGMT, regulatory onboarding, a regulatory rules engine, regulatory client outreach, client off-boarding, KYC reviews & remediation, and a data integration manager.

Last year, Fenergo was hand-picked by a panel of industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2018. Since Q4 2017, more than $3.2bn has been invested in the global RegTech sector. Out of that total, more than $234.6m went to RegTech100 companies, with 25 out of the 100 going onto to raise funds following the award.

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