Global bank Citi is now enabling customised policy-driven risk assessment for Anti-Money Laundering (AML) and Know Your Customer (KYC) checks for clients, and aims to make investor onboarding more seamless through a new partnership with financial compliance software provider Fenergo.
The Citi Global Transfer Agency business, which caters to institutional clients who create and run regulated funds for institutional or retail investors, has deployed Fenergo’s Client Lifecycle Management platform to digitise investor onboarding and due diligence services for regulated funds in Europe.
Using Fenergo’s platform, Citi clients now benefit from automated data validations and real-time reporting through API connectivity.
“The Fenergo platform brings together new generation technology with in-depth working knowledge of the regulatory environment that is crucial to supporting a breadth of multi-domiciled investments across diverse asset classes,” explained Larissa Sototskaya, head of global transfer agency at Citi Fund Services. “As the regulatory environment evolves, the adoption of Fenergo ensures that we move at pace with the industry while providing a real-time view of investor statuses.”
Citi says that the adoption of Fenergo for regulated funds in Europe is part of its Transfer Agency’s ongoing digital transformation agenda and follows from the launch of the bank’s award-winning digital Transfer Agency service in the United Kingdom in 2023. The bank already offers a fully digital client lifecycle service for funds in the UK market.
Ruth Ormsby, managing director, EMEA at Fenergo, also commented on the partnership: “We are delighted to support Citi’s Global Transfer Agency business in Europe with our Client Lifecycle Management platform.
“Fenergo is firmly established as the market leader in this area, and we are committed to evolving our platform with the latest innovations. This aligns with our goal to empower financial institutions like Citi to create a more engaging experience for investors, while maintaining the highest standards of compliance and operational excellence.”
