back Back
Seeking to raise capital? Seeking to invest? Click Here & Express your early interest to be a part of IBS Intelligence’s new fund initiative.

Fenergo completes the acquisition of RegTech Sentinels

By Joy Dumasia

April 25, 2022

  • Acquisition News
  • AML
  • Anti - Money Laundering
Share

Fenergo, the leading provider of digital solutions for Know your Customer (KYC) and client lifecycle management (CLM), has announced the acquisition of Sentinels, an anti-money laundering (AML) transaction monitoring new market entrant with artificial intelligence (AI) based technology.  

The acquisition, for an undisclosed amount, strengthens Fenergo’s ability to deliver end-to-end Software as a Service (SaaS) based CLM with smart transaction monitoring to financial institutions. The deal comes as the industry continues to be challenged by rising financial crime, evolving regulations, operational inefficiencies, and pressure to deliver a better customer experience. Fenergo enables financial institutions to adhere to KYC and AML regulations while onboarding clients safely and efficiently, accelerating readiness to do business. Sentinels’ transaction monitoring solutions are purpose-designed to detect and eliminate fast and large-scale criminal transactions. 

As a result of the deal, Fenergo’s clients and financial institutions will be able to combine rich KYC profiles with client behavioural data for continuous and granular KYC monitoring. This will also ensure that the most appropriate due diligence is exercised. The acquisition will enable Sentinels to scale rapidly, increase its global footprint, and strengthen its ability to serve the needs of larger financial institutions. 

With rising financial crime, changing sanctions and increased regulatory scrutiny, financial institutions are prioritising investment in technology that enables holistic and continuous customer analysis. According to research by Celent, 63% of financial institutions expect budgets to increase for financial crime and fraud, with 17% anticipating an increase by more than 5%. Overall spend for AML, and KYC technology has increased by 13% since 2020 to $10.7 billion. 

Marc Murphy, CEO of Fenergo, said: “Our shared goal of aiming to solve the increasing compliance and operational challenges facing financial institutions made Sentinels an ideal fit. By adding transaction compliance to our existing client onboarding and product origination solutions, financial institutions can monitor and review client behaviour and identify risks on an ongoing basis. This blended approach to financial crime makes us perfectly placed to address the rising compliance challenges faced by financial institutions more efficiently.” 

Joost van Houten, Founder and CEO of Sentinels, added: “With compliance costs surging to unsustainable levels, being blindsided by increasingly sophisticated criminal activity is simply not an option. It is therefore imperative for financial institutions to break through data siloes and start assessing client risk holistically across KYC and transaction monitoring. The combined force of Fenergo and Sentinels will ensure leading financial institutions and the FinTech disrupters are best equipped to navigate the complex regulatory environment and fight financial crime.” 

Previous Article

April 25, 2022

Evolve Bank & Trust and Bond Partner to offer Banking-as-a-Service solutions

Read More
Next Article

April 25, 2022

Nexio partners with Chargebacks911 to protect and defend merchants against chargebacks

Read More










IBSi Daily News Analysis

The Weekly Wrap

October 07, 2022

Acquisition News

The Weekly Wrap: all you need to know by Friday COB | Oct 7th

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

September 29, 2022

ThetaRay launches new software version on its SONAR AML Solution

Read More

September 28, 2022

3 RegTech companies helping the financial industry meet regulatory norms

Read More

September 27, 2022

Aquila enters Latin American FinTech ecosystem through the acquisition of Neosoft

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q3 2022

£1,500.00 / year

Know More
IBS Intelligence - Wealth Management & Private Banking Systems Report Q2 2022
Wealth Management & Private Banking Systems Report Q2 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q3 2022

£1,500.00 / year

Know More
Treasury & Capital Markets Systems Report Q3 2022

£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