Fenergo, a pioneer in digital solutions, such as KYC (Know Your Customer) and CLM (client lifecycle management) has unveiled a new platform, entitled, FinCrime Risk. Financial organizations will be able to unify and automate risk measuring procedures and simplify AML (anti-money laundering) regulations throughout all verticals of the business and locations using FinCrime Risk.
With long compliance evaluation, changes in the monetary sanction measures, and the surge in financial crime activities, manual and siloed financial risk management solutions have not been able to cater for these challenges efficiently. Contrary to these solutions, FinCrime Risk allows companies and organizations to strengthen risk measurement into a unified platform where they can digitalize the manual risk evaluation that leads to increasing client enrolment experiences and bringing operational productivity.
Stella Clarke, Chief Strategy Officer, Fenergo, stated, “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.”
The Fourth AML Directive in the European Union said financial organizations need to determine exposure to countries where their AML and counter funding of terrorism (CFT) are deficient and implement improved attentiveness to the clients whose companies are at high risk. The ever-changing compliance system identifies that financial organizations must be ready to show how their risk management solution can oust the risk issues to regulatory authorities.
FinCrime Risk has a separate compliance system made on API-first and channel-driven technology that can be added efficiently into any tech infrastructure. It offers a huge data of risk profiles, like customers and entities that can be used by authorised users from any integrated platform.