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… Read More >>
Danske Bank Pays $2B to Settle Fraud Charges
The Securities and Exchange Commission (SEC) reports that it has filed charges of fraud against Danske Bank, a multinational financial services corporation with headquarters in Copenhagen, Denmark, “for misleading investors about its anti-money laundering (AML) compliance program in its Estonian branch and failing to disclose the risks posed by the program’s significant deficiencies.” Danske Bank… Read More >>
Crypto Firms Face Many AML Challenges: Q&A
(A cryptocurrency trading platform, Voyager Digital Ltd., recently announced that it is using anti-money laundering (AML) solutions from NICE Actimize. Voyager has signed onto the cloud-based AML Essentials offerings and will be using the Suspicious Activity Monitoring and Customer Due Diligence applications to monitor its operations. The news gave FTF News an opportunity to reach… Read More >>
CEO Says PE Acquisition Gives Fenergo ‘Unicorn Status’
Fenergo achieved “unicorn status,” says Marc Murphy, president and CEO of the KYC and client management software solutions vendor, because it’s been acquired by private equity firms Astorg and Bridgepoint via a definitive agreement they signed with venture capitalist firm Insight Partners, which owned the Dublin-based provider. Several media outlets have reported a wide range… Read More >>
Mizuho Americas Revamps Client Onboarding: Case Study
Mizuho Americas, an investment and corporate bank that is part of Tokyo-based Mizuho Financial Group, Inc., has gone live with client onboarding software solutions from vendor Fenergo in an effort to have know your customer (KYC) and anti-money laundering (AML) regulatory processes that can scale along with the firm’s rapid growth. Mizuho Americas officials “examined… Read More >>
AML, KYC Fines Hit $5.6B as of mid-2020
Penalties assessed against financial institutions for non-compliance with anti-money laundering (AML), know your customer (KYC), and sanctions regulations totaled $5.6 billion by the end of July 2020, according to a mid-year report from a well-known fintech provider. That provider, Fenergo, founded in 2008, characterizes itself as a “digital enabler of client and regulatory technology for… Read More >>
Spending on Client Management IT Rising: Report
Capital markets firms will increase their IT spending on client life cycle management offerings over the coming years, causing the market to grow by approximately 41 percent from 2019 to 2022, according to a new report from market research firm Aite Group. The Aite Group’s estimates on IT spending for client management wares encompasses software… Read More >>
Money Laundering Analysis Needs AI & ML: Q&A
(Editor’s note: False positives are a problem for financial services firms implementing know your customer (KYC) and anti-money laundering (AML) systems, says Arin Ray, a senior analyst with the Securities and Investments practice of market research firm Celent, a division of Oliver Wyman. Ray is the author of the recent Celent report, “Applying Advanced Analytics… Read More >>
NICE Actimize Embraces Disruptive IT to Fight Crime
(Editor’s note: The Best Financial Crime Prevention Technology honor from the FTF News Technology Innovation Awards for 2019 went to NICE Actimize and its portfolio of financial crime solutions. Voters singled out the company for the five major financial crime solutions that it launched in 2018 with artificial intelligence (AI) and machine learning (ML) central… Read More >>
FactSet Launches KYC App for Client Due Diligence
FactSet Combines KYC & RPA for New App FactSet, a provider of financial information and analytical applications, reports the release of FactSet KYC, a cloud-based software-as-a-service (SaaS) application intended to streamline Know Your Customer due diligence. The new app combines KYC robotic process automation (RPA) with FactSet content and public registries, improving the efficiency and… Read More >>
