Scotiabank implements Fenergo regulatory onboarding tech

TORONTO--Fenergo announced that the firm's Regulatory Onboarding solution has been launched by Scotiabank, Canada's most international bank.

"I am proud to announce Scotiabank as our latest implemented client," said Marc Murphy, Chief Executive Officer (CEO), of Fenergo. "Like Scotiabank, many financial institutions are facing a torrent of regulations which have a significant impact on client and counterparty data and the ability to onboard clients in a timely manner.

"With Fenergo's solutions, financial institutions can benefit from clean, golden source data, a rules-driven compliance process that spans multiple regulations and a world-class onboarding workflow process that will enable them to onboard new clients and products quickly and efficiently," added Mr Murphy.

Fenergo's Regulatory Onboarding solution was successfully implemented by Scotiabank's Global Banking and Markets division to help automate, streamline and standardize regulatory onboarding processes, data and documentation across six business segments. The implementation also supports Scotiabank's centralized know-your-customer and anti-money-laundering processes, establishing a common process for regulatory onboarding.

"We chose Fenergo to support regulatory onboarding across our Global Banking and Markets division," said Nicola Ray Smith, Managing Director, Global Capital Markets, Scotiabank. "We wanted a solution that would support an efficient onboarding experience for all of our customers."

The contract with Scotiabank builds on Fenergo's expanding client base, which includes leading financial services organizations such as Lloyds Banking Group, Rabobank and RBS.

Fenergo's solution also supports regulatory frameworks such as the Foreign Account Tax Compliance Act (FATCA), Dodd-Frank and the European Market Infrastructure Regulation (EMIR), as well as similar G20 driven OTC regulations in Canada and Asia. First implemented in Canada, the U.S. and the U.K., the solution is easily expandable for additional jurisdictions.