Union Investment picks Fenergo for AML overhaul ahead of EU rules

By Milan Rojan

Union Investment has selected Fenergo to transform its customer due diligence and client lifecycle management operations as the German asset manager prepares for the European Union’s Anti-Money Laundering Regulation, due to take effect in July 2027.

The implementation will see Fenergo’s client lifecycle management platform deployed across Union Investment’s subsidiaries and business lines, bringing together customer onboarding, know your customer (KYC), sanctions screening, risk assessments, periodic reviews and case management within a single operating framework.

Marc Murphy, Chief Executive Officer at Fenergo, said: “Financial institutions are facing increasingly complex regulatory requirements while striving to improve operational efficiency and customer experience. We are pleased to support Union Investment as it modernises its client lifecycle management capabilities and prepares for the next phase of regulatory change.”

The programme is intended to establish a centralised customer data model, automate manual compliance processes and enhance the client experience through integrated digital onboarding and document exchange capabilities. The transformation will also support regulatory compliance while improving operational efficiency across the organisation.

As part of the project, Union Investment has planned to introduce artificial intelligence-enabled capabilities, including document extraction and classification, workflow orchestration, ownership structure analysis and screening optimisation to further streamline compliance processes.

Jens Wilhelm, Member of the Management Board at Union Investment, said: “This transformation is about creating a consistent customer due diligence operating model across our business while preparing for the new European anti-money laundering requirements. By modernising our client lifecycle processes, we aim to strengthen compliance and deliver a more efficient experience for our clients.”

The agreement has reflected the growing investment in regulatory technology across the asset management sector, as firms seek integrated platforms to strengthen compliance, improve operational resilience and prepare for evolving European anti-money laundering requirements.