BMO, North America’s 8th largest bank with total assets of $1.41 trillion, has renewed its contract for the FundApps Shareholding Disclosure platform with FundApps, the compliance monitoring and reporting specialists.
“As one of Canada’s largest banks, BMO is a highly diversified financial services provider operating globally and we are pleased to support it through another period of growth and expansion in North America. BMO continues to be an important part of the dynamic and engaged compliance community here at FundApps, which includes a growing contingency of sell-side institutions. Beneficial ownership continues to be a focus for regulators and the upcoming SEC changes are proof of that. The FundApps partnership with BMO will enable it to stay on top of ongoing regulatory change while also futureproofing its compliance monitoring,” said Andrew White CEO, FundApps.
In 2023, BMO completed its acquisition of Bank of the West, significantly expanding its operations and accessing new banking markets.
“The renewal of our partnership with FundApps reinforces our commitment to our clients through continued investments in compliance monitoring and risk mitigation. By introducing automation into our compliance monitoring and reporting processes, we've unlocked greater efficiency while ensuring consistency, transparency, and effectiveness. As we continue to build a digitally enabled, future-ready bank, we're confident in FundApps' ability to provide adaptable answers and protection that meets the needs of our colleagues and helps us drive real financial progress for the customers, clients and communities we serve,” said Susan White, Chief Information and Operations Officer, BMO Capital Markets and BMO Commercial Bank.
The FundApps suite of compliance monitoring solutions enables BMO to automate the monitoring and disclosure process for beneficial ownership reporting, takeover panels, and short-selling in more than 100 jurisdictions globally. BMO is able to aggregate its positions from entity to portfolio level across the enterprise.
FundApps Shareholding Disclosure notifies BMO of reportable positions and prepares short disclosures to be submitted to the relevant regulator. The compliance monitoring software is SaaS-based and enables BMO to constantly keep up-to-date with constantly changing regulations across the globe.