Fenergo has introduced an updated financial crime solution – the FinCrime Operating System (FinCrime OS) – featuring a new agentic AI layer aimed at significantly improving operational efficiency within financial institutions. This development comes against a background of spiralling operational costs and rising compliance demands enhanced by geopolitical tension and regulatory flux.
Marc Murphy, CEO, Fenergo, commented: “Across the financial services industry compliance has become increasingly complex, costly and unsustainable. Fenergo’s vision is to drive unprecedented change by transforming compliance from a reactive cost-centre into a strategic competitive advantage. By re-imagining client lifecycle management through the lens of financial crime operations with intelligence and automation at its core, Fenergo’s FinCrime OS will ultimately empower financial institutions to handle more clients, with fewer errors while streamlining operations. Compliance as a strategic engine for growth is our north star and FinCrime OS is a leap forward in realizing that vision.”The newly launched FinCrime OS integrates several core client lifecycle management (CLM) processes, including onboarding, Know Your Customer (KYC) checks, screening, identity verification, and transaction monitoring, into a unified platform.
At the heart of this enhancement are six distinct autonomous AI agents, each developed to handle specific, previously manual tasks. These agents aim to reduce human error, accelerate processing times, and enhance overall compliance effectiveness.
Keith Redmond, Chief Product Officer at Fenergo, shared insights into the strategic rationale behind this development, “Our mission is to evolve Fenergo’s CLM solution into an active, intelligent solution that empowers users to focus on the most critical business tasks. This is where agentic AI will be a game changer, allowing for faster onboarding, fewer manual errors and lower compliance risks. We are thrilled to be leading innovation through our FinCrime OS.”
Meet the New AI Agents Powering FinCrime OS
Fenergo’s agentic AI initiative begins with six specialised autonomous agents. Each agent is designed to independently execute distinct tasks across the financial crime lifecycle, working collaboratively to streamline complex compliance processes.- Data Sourcing Agent: The Data Sourcing Agent autonomously retrieves and integrates data from various third-party providers. It systematically cross-references this external data with entity-specific information, automating tedious data-entry tasks and significantly reducing manual reconciliation.
- Screening Agent: Fenergo’s Screening Agent automatically conducts routine compliance checks against integrated third-party databases, such as sanctions lists or adverse media sources. It resolves routine matches independently, returning results directly to data providers and allowing compliance personnel to concentrate only on complex exceptions.
- Document Agent: The Document Agent transforms manual document management workflows by extracting, classifying, and linking critical compliance documents. Using AI-driven automation, it streamlines previously manual and repetitive document-handling processes, reducing the potential for human error.
- Significance Agent: Determining the relevance of data changes is central to efficient compliance operations. The Significance Agent assesses whether updates or changes to existing data require immediate action or can be addressed later, ensuring teams prioritize effectively based on risk and compliance urgency.
- Autocompletion Agent: Built to enhance workflow efficiency, the Autocompletion Agent automates the execution of predefined compliance tasks based on established policies and regulatory guardrails. This helps ensure consistent compliance outcomes, while significantly reducing human intervention on routine, low-risk activities.
- Insights Agent: Dubbed Fenergo’s “co-pilot,” the Insights Agent offers interactive, real-time engagement through natural-language queries. Users gain instant visibility into operational efficiency, risk management, and ongoing compliance tasks, providing actionable insights to continuously refine compliance processes.
Redmond shared some of the detailed thinking behind these agent capabilities and the development process itself with RegTech Insight: “Developing agentic AI was a natural progression for our already market leading product and our journey began with the realization that we could leverage it to greatly enhance our clients experience with our product. Working with our clients over the past 16 years has given us a deep understanding of their operating models, challenges, and pain points. This has enabled us us to focus our AI development and target processes that would benefit most from increased automation. Optimizing their client lifecycle management processes and their financial crime operations with the use of AI agents enables organizations to be more efficient, cost effective and safe when doing business.”
Collectively, these six agents are focused on alleviating the workload associated with periodic KYC reviews by autonomously handling tasks like data reconciliation, document classification, and risk screening. This integrated process is designed to reduce manual effort and backlog, enabling proactive, intelligent workflows and allowing compliance teams to focus on high-risk exceptions
Enhanced Governance through the Command Centre
A significant element of the FinCrime OS is the integrated Command Centre. Designed as a daily, role-based dashboard, it delivers personalized views of compliance activities and agent performance. Users can track the actions performed by AI agents in real time, maintaining clear oversight and ensuring governance aligns with regulatory expectations.
Redmond also described the complexities and considerations inherent in implementing AI within a heavily regulated environment: “Some of the inherent challenges associated with developing agentic AI include transparency in AI decision making, balancing automation and human oversight, traceability of system-driven decisions, data residency controls, auditability, and data segregation and privacy. Fenergo’s FinCrime OS, underpinned by our comprehensive AI governance strategy, has been engineered to satisfy and anticipate the regulatory expectations for transparency, explainability, and responsible AI use in financial crime systems,” he says.
Committed to Responsible AI Governance
Fenergo emphasises transparency and accountability in AI-driven decision-making, a critical consideration given current and evolving regulatory standards. Redmond elaborated further on how Fenergo developed this robust AI governance strategy: “Fenergo’s AI governance strategy has been developed by our in-house regulatory experts and in consultation with our client community to ensure a robust framework that adheres to regulatory standards and is trusted by our clients. Going forward we commit to keeping abreast of regulatory developments in this space and continuously engage with our client community as we further develop our AI capabilities.”
He added, “All agent-initiated actions are transparently documented within our SaaS platform, with comprehensive audit trails to support accountability and oversight. In addition, where an agent has made a decision or performed an action our system provides a clear explanation that can be made available to regulators as needed.”
Addressing Rising Compliance Complexity
The global financial crime compliance landscape is rapidly evolving, driven by heightened regulatory oversight, geopolitical uncertainties, and increasing operational costs. In this context, financial institutions require solutions capable of scaling efficiently, managing risks effectively, and bringing operational compliance overheads down.
Fenergo’s FinCrime OS promises to address these needs head-on, with claimed operational efficiencies including up to 93% cost reductions in automated task management, 45% faster periodic review processes, and 72% quicker document handling times. Find out more about Fenergo’s AI Agents, HERE.
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