Launches UBO and anti-money laundering visualization tool for a 360-degree view of risk exposure
6 March 2019 – Fenergo, a leading provider of digital Client Lifecycle Management (CLM) solutions for financial institutions, today announced the launch of the next generation Fenergo Hierarchy Manager (FHM). The sophisticated ultimate beneficial ownership (UBO) and counterparty hierarchy modeling and visualization tool, built on the latest Force-directed graph technology, streamlines anti-money laundering (AML) screening enabling financial institutions to better manage and mitigate risk.
The new solution provides financial institutions with a single aggregated view of hierarchy relationships, associations and beneficial owners via interactive analytics and dashboards. Users can now easily identify the connections between beneficial owners, associations, counterparties and customers, helping to highlight potential links to financial criminals, Politically Exposed Persons (PEPs) and/or terrorist activity. The ability to identify high risk relationships in a matter of minutes will help compliance professionals to proactively track complex inter-relationships for continuous lifecycle compliance.
Fenergo Hierarchy Manager empowers financial institutions to significantly reduce the complexity, time and cost involved in customer due diligence, enabling a frictionless client experience.
Faced with increasingly stringent regulatory requirements, Fenergo Hierarchy Manager was developed in direct response to client demand to streamline Know Your Customer (KYC), AML and tax compliance obligations such as FinCEN Final Rule (CDD), beneficial ownership requirements under the EU AML directives, Foreign Accountant Tax Compliance Act (FATCA) and Common Reporting Standard (CRS). The transparency provided by the solution will better equip financial institutions to address upcoming regulation including the Securities Financing Transactions Regulation (SFTR).
Marc Murphy, CEO of Fenergo 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.”
Hierarchy Manager also enables users to easily act on Hierarchy information such as performing screenings. This further streamlines the AML assessment process, ultimately improving efficiency, transparency and auditability.
Key features include:
• Graph data visualisation view to support the multi-directional nature of complex hierarchy datasets
• Listed tree structure view, which summarises the nested relationships of parent/child associations for enhanced auditability
• Contextual actions to simplify the adding of associations and assessments to hierarchy manager entities
• Dynamic real-time filtering to easily identify key entities or hierarchies
• Clear high-risk entity views and indicators
Fenergo was rated as a category leader in Chartis Research’s Financial Crime Risk Management Systems: Know Your Customer; Market Update 2018, reflecting its depth of functionality and technology, and its strategy, brand awareness and reach.
To learn more about Hierarchy Manager register here to join our webinar.
Fenergo is the digital enabler of client and regulatory technology for financial services. It provides Client Lifecycle Management (CLM) software solutions for Financial Institutions including; Corporate & Institutional Banking, Commercial & Retail Banking, Asset Management, Private Banking & Wealth Management. Counting 70 global Financial Institutions as clients, its award-winning CLM suite transforms how Financial Institutions manage clients; from initial onboarding to KYC/AML and regulatory compliance, to client data management and ongoing lifecycle KYC reviews and refreshes. Fenergo CLM empowers financial institutions to deliver a faster, more efficient and compliant client experience and achieve a single client view across channels, products, business lines and jurisdictions.
Fenergo’s community-based approach to product development allows clients to collaborate on solution design on a global scale. Its rules-driven solution ensures compliance with multiple global and local regulatory frameworks including AML, KYC, Tax (CRS, FATCA, 871M), OTC Derivatives (EMIR, Dodd-Frank, MiFID II, Margin Requirements) and data privacy rules (GDPR). It supports the collection, centralization and sharing of client and counterparty data and documentation across the institution and deploys an API-first approach to advanced integration with a host of external KYC, AML and entity data providers, KYC and industry utilities. The solution is underpinned by next generation Artificial Intelligence, Robotics Process Automation and Machine Learning technologies, using advanced OCR and NLP capabilities to extract information, expedite compliance and improve operational efficiencies.
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