Regnology, a German tech company specializing in regulatory technology, is set to acquire the Financial Regulatory Reporting (FRR) unit of Wolters Kluwer.
Citi's Global Transfer Agency, a part of its Fund Services business, has taken a significant step in its digital transformation journey by adopting Fenergo's Client Lifecycle Management (CLM) platform. This move is set to revolutionise investor onboarding and due diligence services for regulated funds in Europe [1].
The Fenergo CLM platform is designed to digitise the investor onboarding and due diligence processes for regulated funds, offering customised, policy-based risk assessments for Anti-Money Laundering (AML) and Know Your Customer (KYC) checks. It also provides clients with automated data validations and real-time reporting via API connectivity, making onboarding more seamless and compliance more efficient [1].
Larissa Sototskaya, Head of Global Transfer Agency at Citi Fund Services, emphasised the importance of this adoption, stating that it enables Citi to move at the pace of the industry while providing real-time investor status views [1]. This initiative forms part of Citi’s broader strategy to modernise Fund Services by leveraging advanced technology that aligns with evolving regulatory requirements and supports multi-domiciled investments across diverse asset classes.
Citi Transfer Agency launched its digital Transfer Agency service in the UK in 2023, providing a fully digital client lifecycle service for funds. The Fenergo platform is instrumental in this service, helping to create a more engaging experience for investors while maintaining high standards of compliance and operational excellence [2].
Ruth Ormsby, Managing Director for EMEA at Fenergo, affirmed the company's commitment to evolving its platform with the latest innovations, aiming to empower financial institutions like Citi to create a more engaging experience for investors while maintaining high standards of compliance and operational excellence.
The Fenergo platform is established as a market leader in the area of client lifecycle management, and it is designed to support a breadth of multi-domiciled investments across diverse asset classes. The services provided by Citi's Fund Services business are for asset managers and investment managers operating regulated funds [3].
In summary, Citi is digitizing select transfer agency services within its Fund Services business in Europe through Fenergo’s CLM platform, significantly enhancing regulatory compliance, operational efficiency, and client experience in investor onboarding [1]. This latest development is part of Citi Transfer Agency's broader digital transformation efforts, positioning the institution at the forefront of the digital revolution in the financial services industry.
[1] Citi Press Release, [date], [link] [2] Fenergo Press Release, [date], [link] [3] Citi Fund Services Website, [link]
The Fenergo CLM platform is instrumental in Citi's digital transformation journey, specifically in the area of investor onboarding, as it offers a seamless, efficient process that aligns with evolving regulatory requirements and supports multi-domiciled investments across diverse asset classes, including fintech and technology industries [1]. This move towards modernizing Fund Services by leveraging advanced technology is crucial for Citi to maintain its pace with industry advancements and provide a more engaging experience for investors while ensuring high compliance standards [1].
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