Software firm Pegasystems and global law firm DLA Piper have collaborated to assist Pega in offering new software capabilities enabling financial institutions to reduce the time and costs associated with managing rapidly evolving laws and regulations.
Banks can now readily integrate ongoing updates to their customer due diligence regulatory rules through Pega’s Know Your Customer (KYC) application, helping ensure they are up to date with major regulatory rule changes affecting client on-boarding. This unique collaboration between Pegasystems and DLA Piper gives retail to corporate and investment banks a faster, more efficient, and cost-effective way to manage and integrate increasingly complex regulatory rule changes.
DLA Piper’s experienced global team of regulatory, legal, audit, and enforcement practitioners work on behalf of clients with all major regulators in all major financial centers to monitor regulatory changes and provide legal interpretation for any relevant updates. These include key regulations in the United States, United Kingdom, EMEA, and Asia Pacific, covering such complex rules as Dodd-Frank, EMIR, and MiFID, as well as Anti-Money Laundering, the U.S. Foreign Account Tax Compliance Act (FATCA), and Common Reporting Standard (CRS) rules.
Financial institutions can rapidly update and integrate these regulatory changes directly into Pega’s flexible, rules-driven KYC software through an easy-to-use import wizard that eliminates the need for manual hard coded methods. Pega clients can complement these DLA recommendations to accommodate special circumstances or their own interpretations of the rules by geography, booking entity, line of business, and product.