The new Fenergo offering embraces intelligent document processing, advanced reporting, and A.I. assistant technologies.
Fenergo, a know-your-customer (KYC) and client management provider, has launched client lifecycle management (CLM) capabilities that use artificial intelligence (A.I.) to improve operational efficiencies, onboarding, and end-user experiences while cutting the costs of KYC and anti-money laundering (AM) compliance, officials say.
The introduction of A.I. to Fenergo’s CLM via Amazon Bedrock is intended to help firms “to more accurately identify and mitigate financial crime risk and seamlessly meet regulatory obligations for KYC, AML, and sanctions measures,” officials say.
The new Fenergo offering “encompasses three separate A.I. functionalities … which include intelligent document processing (IDP), advanced reporting, and A.I. assistant. These new capabilities will automate labor-intensive and time-consuming tasks related to client onboarding, due diligence, and regulatory reporting,” officials say.
The IDP feature, “available today, can reduce manual document handling by 72 percent for a typical corporate onboarding case encompassing the collection and analysis of 100 documents for 150 data fields,” officials say.
The advanced reporting module “empowers compliance professionals with no-code A.I.-driven advanced reporting. This enables analysts to create new reporting queries (relating to client information and onboarding journey statuses) regardless of their coding proficiency, boosting efficiency and accessibility for employees performing regulatory reporting,” officials say.
“Leveraging native Amazon Web Services (AWS) A.I. capabilities, Fenergo advanced reporting also encompasses features that enable users to create A.I.-generated advanced analytics visualizations,” officials add.
Due later this year, “Fenergo’s A.I. assistant leverages generative A.I. and natural language processing (NLP) to enable firms to achieve considerable time and cost savings, alleviate workloads, and more efficiently manage risk,” officials say.
“Fenergo’s A.I. launch arrives during a period of increased regulatory flux and financial crime sophistication. … According to recent figures, penalties for failing to comply with AML, KYC, ESG, sanctions, and CDD regulations totaled $6.6 billion in 2023 — up considerably from $4.2 billion in 2022,” officials say.
“Regulators across the globe are tightening their grip on financial crime prevention, enforcing tougher penalties for compliance failures and launching new initiatives like the E.U.’s Anti-Money Laundering Authority,” says Stella Clarke, chief strategy officer at Fenergo, in a prepared statement.
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