RegTech 100 company Fenergo has launched the next generation of its AML and ultimate beneficial ownership tool.
The new solution gives financial institutions a single aggregated view of hierarchy relationships, associations, and beneficial owners through interactive analytics and dashboards. Users will be able to identify connections between owners, associations, counterparties and customers, which will highlight potential links to financial criminals, politically exposed persons and terrorist activity.
Being able to identify these high-risk relationships will help compliance teams to track the inter-relationships for continuous lifecycle compliance.
Initially this Hierarchy Manager solution was built in response to client demand for streamlined KYC, AML, and tax compliance obligations such as CDD, FACTA and CRS.
Key features of the platform include graph data visualisation, clear high-risk entity views and indicators, dynamic real-time filtering, tree structure view of parent/child associations for audits, and contextual actions.
Fenergo CEO Marc Murphy said, “In the wake of The Panama and Paradise Papers, financial institutions need to apply heightened scrutiny to their clients in order to comply with a raft of new regulatory requirements.
“Identifying beneficial owners is a crucial element of this yet achieving a single, granular view of a corporate entity is a significant challenge. As our clients embark on digital transformation strategies, we are committed to developing solutions that help them improve customer experiences while expediating compliance procedures.”
Earlier in the year, Fenergo hired James Follette as its new head of commercial and retail banking, to support its movement into the space.
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