Between October 2018 and December 2019, fines from APAC regulators amounted to just 0.07% of all global fines at $7.46 million. A total of 35 fines were issued by regulators in Hong Kong, India, Pakistan, Australia and Taiwan.
Key Enforcement Trends:
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Fenergo is a leading provider of Client Lifecycle Management, AML/KYC Compliance and Client Data Management solutions for investment, corporate, commercial and private banks.
We selected Fenergo’s Client Lifecycle Management software to enable us to manage the CDD / KYC processes from client onboarding to client off-boarding and all the KYC / CDD compliance and lifecycle events (periodic and event-driven reviews) that occur in between. A core part of our business transformation program will involve creating an internal centralized KYC target operating model that will help us to simultaneously improve the client experience and reduce the cost impact of the regulatory KYC activities. Fenergo is the technology platform that will underpin this initiative.
Bank-wide responsibility for CDD, client master administration and regulations, ABN AMRO