Fenergo, a leading provider of digital solutions for Know Your Customer (KYC) and client lifecycle management (CLM), has launched FinCrime Risk, an application programming interface (API)-first software as a service (SaaS) solution which allows financial institutions to centralise and automate risk assessment processes and streamline anti-money laundering (AML) compliance across all business lines and geographical locations.
Fenergo, a leading provider of digital solutions for Know Your Customer (KYC) and client lifecycle management (CLM), has launched FinCrime Risk, an application programming interface (API)-first software as a service (SaaS) solution which allows financial institutions to centralise and automate risk assessment processes and streamline anti-money laundering (AML) compliance across all business lines and geographical locations.
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 US 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 standalone regulatory offering is built on API-first, channel-agnostic technology that can be integrated seamlessly into any technology environment.
