Fenergo Enhances FATCA Compliance Solution With Auto-Classification

Fenergo Enhances FATCA Compliance Solution With Auto-Classification PR Newswire LONDON, October 2, 2012 LONDON, October 2, 2012 /PRNewswire/ -- Fenergo FATCA Auto-Classification accelerates FATCA compliance and reduces unnecessary client data collection Fenergo, a leading provider of client onboarding lifecycle management and compliance solutions for global financial institutions, has today launched an enhanced version of its FATCA Compliance solution to perform auto- classification of clients identified with US indicia. The FATCA regulations stipulate that every foreign financial institution (FFI) must undertake a search of their client base to identify clients containing US indicia (e.g. address, residency, nationality, phone number etc.) and classify each of these clients appropriately. Built on the Fenergo Classification Framework, Fenergo's FATCA Auto- Classification feature uses a unique combination of analytics, workflow and a classification-specific rules engine to sift through client data and documentation already held by the FFI. This information is used to pre-populate classification fields, finding the best fit for the classification in context. This, in turn, reduces the amount of information that needs to be collected from clients in the form of W-8 and W-9 forms, ensuring minimum inconvenience for clients as FFIs seek to gain full compliance with FATCA.