Latest opinions that Marc Murphy has shared on Finextra

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Marc Murphy

CEO

Fenergo

Member since

25 Jul 2011

Location

London

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Marc's opinions

Future-proofing beyond FATCA with bulk auto-classification

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...

23 July 2013 /regulation /wholesale Financial Services Regulation

A horizontal lifecycle approach to regulatory onboarding

Over the last few months alone, we’ve witnessed: the finalisation of FATCA, Dodd-Frank, EMIR, MiFID II rules, the proposal for an enhancement of existing money laundering rules in the form of the 4th EU Money Laundering Directive, the completion of Customer Due Diligence (CDD) rules by FinCEN in the US, and the UK’s Financial Conduct Authority (FC...

09 July 2013 /regulation /wholesale Financial Services Regulation

Beneficial Ownership: A KYC opportunity or data nightmare?

Beneficial ownership is gaining significant exposure at the moment, with the UK intending to use its presidency of the G8 Leaders’ Summit next month to promote the improvement of international co-operation on tax evasion and push for greater transparency and accountability. As David Cameron, Prime Minister of Britain, states, “… dealing with tax e...

28 May 2013 /regulation /wholesale Financial Services Regulation

Are banks at risk of missing regulatory deadlines?

Attending a data management event last week in London, it suddenly dawned on me that banks are in real danger of missing regulatory deadlines for implementation of compliance initiatives to comply with FATCA, Dodd-Frank, EMIR and MiFID II. Not surprising given the convergence of implementation dates and deadlines that are taking place and the limi...

26 March 2013 /regulation /wholesale Financial Services Regulation

Four Regulations; One Delivery Plan

On the plane back from a meeting recently, I got to thinking about the complexity of compliance. The sheer number of new and evolving regulations that are coming down the road is simply staggering. Imagine having overall responsibility for understanding each of these new regulations, analysing and determining their impact on the bank and having to...

27 February 2013 /regulation /wholesale Financial Services Regulation

Solving the complexity of FATCA classification

Under FATCA rules, every foreign financial institution (FFI) must identify and classify all its clients with US indicia, but also do the same for all parties to financial transactions, including other FFIs and non-financial foreign entities (NFFEs). The challenge here lies in the complexity of the classification that needs to be carried out to ens...

11 February 2013 /regulation /wholesale Financial Services Regulation

Will FATCA turn banks into tax advisors?

What a difference a week makes! Since the announcement of the final regulations, it seems that every financial institution has just hit the accelerator button on their FATCA programmes. As a result, we’ve been powering through presentations and demonstrations on how our FATCA solutions work in practice. As part of this, I’ve been giving more tho

28 January 2013 /regulation /wholesale

FATCA - a continuous data management process

The FATCA regulations have been widely tipped to be arriving very soon. However, multiple date changes so far for final FATCA regulations have created a huge amount of uncertainty in the market, which has contributed to making it increasingly difficult for financial institutions to map out product/project timeframes. Nevertheless, even in the abse...

17 January 2013 /regulation /wholesale Data Management 101

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