Australia’s four major banking groups have selected Fenergo’s client lifecycle management solution for greater compliance with regulatory changes.
The vendor considered regulatory compliance to be a big driver behind the contracts, and said that majority of banks were concerned over increasing scrutiny by regulators on AML and KYC policies.
The vendor further stated that in order to monitor transactions for AML violations, banks need to understand the inventory of counterparties with whom they do business including their structures, ownership and affiliations.
The banks are currently in the process of deploying Fenergo’s software solutions.
The software enables banks to understand and observe AML violations involving counterparty ownership and affiliations. It also helps in maintaining client risk profiles for AML and KYC compliance requirements.
Fenergo APAC vice president Brett Hodge said: “There is a big move towards consolidating the client lifecycle process across all lines of business, banking operations and subsidiaries to ensure centralized management of AML, KYC and regulatory compliance processes. In this way, banks can manage complex, multi-jurisdictional relationships on a single homogenous infrastructure, helping them to achieve regulatory compliance and governance with national and international regulations.
“It also helps them to provide a consistent application of compliance to all clients, realize efficiencies in internal costs and data remediation and provide a better client experience.”