Financial messaging and services cooperative SWIFT reports that it has signed up more than 1,125 financial institutions for its Know Your Customer (KYC) Registry, a centralized repository of standardized information about financial institutions that facilitates KYC compliance. SWIFT officials say that banks in 152 countries are “now on board” with the KYC Registry, which now… Read More >>
Ops Needs Hub to ‘Take Out Operational Risk and Cost’ of KYC
(Editor’s note: Designed for simplifying client data gathering and document management, the Clarient Entity Hub utility service of Clarient Global went live in the spring with the support of Barclays, BNY Mellon, Credit Suisse, Goldman Sachs, JPMorgan Chase and State Street. The hub targets the client onboarding and client lifecycle operations such as know your… Read More >>
CFTC to Keep Using DTCC-SWIFT LEI Utility
Regulator CFTC has issued an order extending the designation of a utility operated by the DTCC and SWIFT as the provider of legal entity identifiers (LEIs) for the commission’s swap data recordkeeping and reporting rules, officials say. The DTCC-SWIFT utility — which had initially been referred to via the utility’s website and in educational and… Read More >>
Firms Ready but Wary as Volcker Rule Becomes Reality
When the Volcker Rule provision of Dodd Frank finally goes into effect on Tuesday, July 21, the banks affected will have already done most of the heavy lifting, industry observers say. But banks will still face an arduous few months as they struggle to pin down the practice of a law they’ve spent so long… Read More >>
Convergex Fills CFO Post
Convergex, an agency-focused brokerage and trading-related services provider, reports that Frederick Arnold has joined the firm as chief financial officer (CFO). Arnold will oversee all global financial operations and serve on the executive committee, responsible for providing organizational guidance and governance, Convergex officials say. Currently a director of Lehman Brothers Holdings Inc. and Corporate Capital… Read More >>
AIM Software Bolsters Sales Efforts in Europe, North America
AIM Software, an enterprise data management (EDM) solutions vendor, has appointed Ben Hopcroft to the post of director of sales for the U.K., The Netherlands and the Nordic Markets. The appointment follows shortly after the announcement that Marco Sablone, the former director of sales and marketing at Joss Technology, has joined the sales organization for… Read More >>
‘Joss offerings will be integrated with AIM’s suite’
AIM Software, based in Vienna, Austria, is completing its acquisition of New York-based entity data management vendor Joss Technology, according to Olivier Kenji Mathurin, head of product marketing and research for the data management vendor. Joss Technology is the maker of the Entity Data Management System (EDMS), the “entity master” that uses a fuzzy logic… Read More >>
Fenergo Lands $75 Million in Private Equity Funding
After showing consecutive, year-over-year growth of 100% for the past three years, know your customer (KYC) management software vendor Fenergo has secured a $75 million investment from Insight Venture Partners, a New York-based private equity and venture capital firm. The transaction is expected to close within the next few weeks, Fenergo officials say. Insight Venture… Read More >>
SWIFT’s KYC Registry Supports Fund Distributors, Custodians
Financial messaging and services cooperative SWIFT has expanded its Know Your Customer (KYC) Registry to support funds distribution and custody services, officials say. Formerly focused exclusively on correspondent banking, the KYC Registry will now offer “fund distributors and custodians a unique approach to KYC compliance by providing access to a standardized set of qualified data… Read More >>
No Pain, No Gain for KYC, AML Deployments
Increasing regulatory complexity and the massive fines, penalties and settlements levied against several of the world’s largest banks due to Know Your Customer (KYC) and anti-money laundering (AML) violations mean financial services firms take these aspects of compliance seriously even if implementing fixes is proving to be painful. “KYC compliance is still a major pain… Read More >>
