KYC Provider Fenergo Launches Financial Crime Risk SaaS Solution

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. 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.

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.

Commenting on the product launch, 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."