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Location
London
Member since
2011
Writes about
Regulation & Compliance Sibos Wholesale banking

Marc's blog archive

2018 (1) 2015 (1) 2014 (1) 2013 (8) 2012 (8)
Marc Murphy

Marc Murphy

CEO at Fenergo
Message Message me Posts: 19 Comments: 1
Bio Marc, CEO Fenergo, is a financial technology specialist with fifteen years experience developing, selling, and delivering enterprise software to banks and financial institutions. His responsibility is to deliver a strong growth forecast for the business over the next five years in customer acquisiti

Blogs

Banking Strategy, Digital and Transformation

Customer Experience: The Competitive Battleground for Financial Institutions

17 Sep 2018

In an increasingly fast-paced and digital world full of hype and buzzwords, it seems like the focus can often be on implementing new and innovative technologies without considering the main purpose of digitalization: to create a better customer experience that increases both wallet and market share. Customer experience is no longer just an added b...

Financial Services Regulation

Managing Regulatory Data is Key to Faster Compliance and Client Onboarding

21 Apr 2015

It’s been a calamitous few years for investment banking. Between profit slumps, job cuts, unprecedented fines for non-compliance and the incessant onslaught of regulatory pressures, it’s been one controversial crises after another. So much so that financial institutions have been busily retrenching and reducing the size and importance of their inv...

 

7 Ways to Improve Regulatory Document Management

11 Mar 2014

At a recent AML event, a speaker from a global financial institution claimed that regulatory coverage of documentation was a hugely problematic and thorny issue for his organisation. In fact, judging by the nodding heads in the audience, it’s a problem for most financial institutions. Documentation is required to show evidence of compliance and do...

1

Financial Services Regulation

Future-proofing beyond FATCA with bulk auto-classification

23 Jul 2013

There’s little doubt that the six-month FATCA compliance delay is a welcome reprieve for foreign financial institutions (FFIs) across the world. It comes at a time when FFIs were beginning to feel overwhelmed – not necessarily by the complexity of what they have to do to become FATCA compliant, but by how much they need to do. Financial institutio...

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Marc is Commenting on

The FATCA Automation Challenge

  David, this a very good point and it only highlights the complexity of the issue. According to the recent FATCA IGA model, it lists seven indicia of U.S. status, one of which is "Unambiguous indication of a U.S. place of birth". Although according to the model, this is optional for the Financial Institution, an IRS Form W-8 can be used for attestation and self-certification that the account holder is neither a U.S. citizen nor a U.S. resident for tax purposes. In our experience, some foreign banks have already informed their U.S. account holders that they must provide certain documentation to avoid having the account closed and possibly disclosed to the IRS. This is a costly process (think postal costs, processing, storing, etc). This is why we believe that automation can reduce the cost of this process, by efficiently and effectively managing the request and processing of documents (IRS W8/W9 forms). The focus is to be compliant with the regulation, but not at the expense of operational inefficiencies and/or detrimental customer impact. There's no doubt that the onboarding process and document requirements for account opening and product onboarding will be affected. It remains to see how the different jurisdictions will have to be adapted to allow local FI to comply with these new requirements.  

24 Aug 2012 Reply Read article