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 >>
SWIFT Recertifies SmartStream’s Corporate Actions Software
SmartStream, a London-based financial transaction management software specialist, reports that its TLM corporate actions processing software has again received certified application status from the SWIFT cooperative for financial messaging and related systems. Certified application status, which is subject to yearly renewal, ensures that the application is “fully compliant with SWIFT corporate actions messaging standards,” SmartStream… 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 >>
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 >>
Chris Church to Leave as SWIFT Shuffles Execs
SWIFT reports senior management changes, including the exit of Chris Church as SWIFT’s chief executive of the Americas and global head of securities, that the member-owned financial messaging cooperative says will better enable it to execute its recently approved 2020 strategy. The staff changes, which take effect on September 1, are: Christian Sarafidis, currently head… Read More >>
BTG Pactual Joins SWIFT’s KYC Registry
SWIFT reports that BTG Pactual, a Latin American financial services firm, has joined the know-your-customer (KYC) registry of the financial messaging cooperative. SWIFT, which provides the communications platform, products and services to connect more than 10,800 banking organizations, securities institutions and corporate customers, calls the KYC registry a “centralized repository that maintains a standardized set… 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 >>
Fenergo’s New COO from Adobe
Fenergo, the Dublin, Ireland-based provider of client lifecycle management software for investment banks, capital market firms and private banks, reports the appointment of Colm Heffernan as chief operating officer (COO). Industry-veteran Heffernan joins Fenergo from Adobe Systems, “where he spent 15 years in a variety of senior roles,” according to a statement. Most recently, he… Read More >>
What is the ROI for Regulatory Compliance?
Today, April 15, is the day when all Americans get a taste of what it’s like to comply with a regulatory deadline. This is the day that all personal income taxes are due to the Internal Revenue Service (IRS). Of course, extensions can be requested but every American is required by law to pay taxes…. Read More >>
