back Back

Fenergo announces the launch of the FinCrime Risk solution

By Joy Dumasia

May 18, 2022

  • AML
  • API
  • CFT
Share

Fenergo, the leading provider of digital solutions for Know Your Customer (KYC) and client lifecycle management (CLM), has announced the launch of FinCrime Risk. This application programming interface (API) first software as a service (SaaS) solution will allow financial institutions to centralise and automate risk assessment processes and streamline anti-money laundering (AML) compliance across all business lines and geographical locations. 

With rising financial crime, changing sanctions measures, and increased regulatory scrutiny, manual and siloed risk scoring solutions used by financial institutions often fail to accurately risk assess clients and counterparties. According to research conducted by Aite Novarica Group, 38% of financial institutions use two or more systems for risk, reflecting the high number of firms that use different systems for different business lines and asset classes. In response to this challenge, FinCrime Risk enables firms to consolidate risk assessment into a central platform and digitalise manual processes, driving operational efficiencies and enhancing client onboarding experiences. 

In the EU, under the Fourth AML Directive, financial institutions are obliged to identify exposure to countries with strategic deficiencies in their AML/counter funding of terrorism (CFT) regimes and apply enhanced due diligence to associated clients categorised as high risk. In the U.S, it is expected that the forthcoming Notice of Proposed Rulemaking (NPRM) on Effective AML programmes will require financial institutions to implement mandatory risk assessments by law. The changing regulatory landscape underlines the need for financial institutions to be prepared to demonstrate to regulators their ability to perform effective risk assessments or be held accountable. 

The standalone regulatory offering is built on API-first, channel-agnostic technology that can be integrated seamlessly into any technology environment. It provides rich, holistic client and entity risk profiles that can be used by any permissioned user from any integrated platform. It features pre-configured Financial Crime Risk Model accelerators based on criteria recommended by the Financial Action Taskforce (FATF), which Fenergo regulatory experts designed. These are maintained on a dedicated no-code user interface. 

Stella Clarke, Chief Strategy Officer, Fenergo, said: “Many financial institutions today are challenged with paper-based, siloed and inadequate risk assessment models for AML. It was important for us to design a product that can be used across a wide range of geographically dispersed financial institutions, from corporate and investment banks to universal banks and payment service providers. What is particularly significant for existing and new clients is the ease of adoption; financial institutions can benefit from Fenergo’s market-leading financial crime credentials immediately.”

Previous Article

May 18, 2022

Gaviti partners with Sage to streamline collections management

Read More
Next Article

May 18, 2022

Baton Systems adds LCH SA to its expanding CCP network

Read More







Advertise with us



IBSi Daily News Analysis

financial organisation, Big data

July 05, 2022

AML

Here’s why web scraping will become huge for FS next year

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 05, 2022

Sentinels ramp up expansion plans in the UK with the appointment of a new CCO

Read More

July 04, 2022

5 FinTech deals that took place in the first half of 2022

Read More

July 04, 2022

Plum appoints Mukul Kanchan as its Head of Finance

Read More

Related Reports

Sales League Table Report 2022

£ 1,500.00 / year

Know More
Global Digital Banking Vendor and Landscape Report Q1 2022

£ 1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q1 2022

£ 1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q1 2022

£ 1,500.00 / year

Know More
Treasury and Capital Markets Systems Report 2021

£ 1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022