Search
Contactez-nous Suivez-nous sur Twitter En francais English Language
 

De la Théorie à la pratique











Freely subscribe to our NEWSLETTER

Newsletter FR

Newsletter EN

Vulnérabilités

Unsubscribe

Fenergo completes acquisition of regtech Sentinels

April 2022 by Marc Jacob

Fenergo 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 criminal transactions fast and at scale.

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 on 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.

Both firms’ technology is powered by the cloud. Sentinels, launched in 2019 with venture studio Slimmer AI, differentiates from other transaction monitoring firms by leveraging a combination of customisable business rules, machine learning and network analysis that increases the accuracy of behavioural client risk profiles and the detection of financial crime.




See previous articles

    

See next articles