Temenos Regulatory Compliance offers a comprehensive suite of products and services designed to help financial institutions manage risk and remain compliant with local regulatory and business standards. Leveraging Temenos' extensive client base and experience, these solutions are pre-integrated into standard Temenos software, ensuring straightforward adoption and usage. By reducing the need to focus on implementing regulatory changes, Temenos enables banks to concentrate on business opportunities. The suite includes Regulatory Maintenance, providing certainty over the cost and timing of solution changes, and support for PSD2 and similar Open Banking directives. It also addresses Customer Data Protection in line with regulations like GDPR, and offers Financial Crime Mitigation used by over 200 banks globally. Additional modules cover FATCA, CRS, MiFID II, IFRS 9, FATF, Basel II & III, LEI, SEPA, and SWIFT updates. Temenos Regionalized Solutions further enable compliance with local regulations at a lower cost, while Financial Risk Management provides tools for complex risk analysis. The New Definition of Default product helps firms comply with capital adequacy rules, and the Qualified Intermediary module assists banks in meeting US IRS requirements.

Features:

• Regulatory Maintenance: A packaged service offering that offers your bank certainty over the cost and timing of solution changes which you identify as being necessary to maintain regulatory compliance.
• Revised Payment Service Directive (PSD2): Temenos provides support for PSD2 within Europe and our solution is extendable to support similar Open Banking directives across the globe. Support for PSD2 is provided using a configurable solution, enabling your bank to implement the secure sharing of information and services via APIs from various API guidelines.
• Customer Data Protection: Temenos’ solution assists clients to identify and process personal data in accordance with data protection.
• Financial Crime Mitigation: A single product family designed to mitigate the full range of financial crime activities, supporting all user functions: alert manager, case management, reporting, and dashboards.
• Foreign Account Tax Compliance Act (FATCA): FATCA is a module fully integrated into Temenos Core, that helps Foreign Financial Institutions (FFIs) comply with FATCA legislation out-of-the-box, supporting all three phases of the requirements including client classification, withholding and reporting.
• Common Reporting Standard (CRS): CRS is a module integrated into Temenos Core focused on client identification, due diligence and reporting (AEoI) requirements according to the OECD Common Reporting Standards.
• Markets in Financial Instruments Directive (MiFID) II: Support for MiFID II is provided covering securities trading by private individuals. This covers both the profiling of investors’ knowledge levels and compliance enforcement during order processing activities.
• International Financial Reporting Standard (IFRS) 9: Temenos leverages on its fully integrated architecture to provide a comprehensive and flexible solution to help banks with the challenges of the adoption or transition to IFRS9.
• Financial Action Task Force (FATF): Support for the FATF on Money Laundering is provided in the sanctions screening area of the Temenos solution. All payments and other messages are screened against a maintained watchlist using intelligent pattern matching to reduce the number of false positives.
• Basel II & III: The Temenos Financial Risk Management solution includes a robust dataset that harnesses real-time risk data from Temenos Core and a powerful analytical tool for Credit Risk.
• Legal Entity Identifier (LEI): The LEI module supports the Temenos software for management and validation of customer’s LEIs in Temenos Core.
• Single Euro Payments Area (SEPA): SEPA support is provided for EUR zone payments and associated transactions, covering all instrument i.e. SEPA Credit Transfers, SEPA Direct Debits, and SEPA Instant.
• SWIFT: Temenos works closely with banks to ensure that the updates to SWIFT messages and the implied associated workflows are reflected in the software.
• Financial Risk Management: Temenos Financial Risk Management provides banks the ability to comply with complex risk and regulatory requirements and run sophisticated risk analytical models.
• New Definition of Default for Credit Risk: Temenos New Definition of Default provides a fully integrated modular product solution to help firms address the challenges of complying with prudential rules for calculating capital adequacy within the broader context of credit risk management.
• Qualified Intermediary (QI): As a fully integrated module in Temenos Transact QI helps banks that act as Qualified Intermediary (QI) under chapter III of IRS (USA), to comply with the documentation and withholding requirements relating to income received by its individual and institutional clients investing in US securities