About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Fenergo Perpetual KYC Service Offers Operational Efficiencies, Reduced Costs and Risk

Subscribe to our newsletter

Fenergo has joined early providers of perpetual KYC services with Smart Review, a solution designed to enable financial institutions to streamline periodic KYC review processes and reduce costs through automation.

Smart Review automates the continuous monitoring of client profiles for KYC compliance by identifying all changes to relevant entity data, transactions and anti-money laundering (AML) screening. It assesses the risk impact of these changes to client circumstances while automatically determining relevancy and materiality. This allows lower-risk cases to be straight through processed while higher-risk cases are prioritised for enhanced due diligence by an analyst.

The solution is available globally to financial institutions and is a modular addition to Fenergo’s Software as a Service (SaaS) client lifecycle management (CLM) offering. It is pre-configured with integrations to leading data and screening providers.

“The requirement to complete ongoing KYC reviews manually for a bank with hundreds of thousands of clients presents a huge and costly operational burden, particularly when genuine key risk factor changes are minimal,” says Stella Clarke, chief strategy officer at Fenergo. “With Fenergo Smart Review, financial institutions can streamline the KYC review process by automating the continuous monitoring of clients. This ultimately improves operational efficiencies, while reducing operating costs and regulatory risk.”

Financial institutions are mandated to review every customer relationship on a periodic basis in line with global and national KYC regulatory requirements. A recent study by Fenergo describes a people-driven, labour-intensive process. It found that over half of financial institutions are spending between 61 and 150 days on KYC client reviews and the average cost of a single review is $2,200.

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: How to leverage data lineage for actionable business insights

Date: 3 October 2023 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Data lineage is a must-have for financial institutions, but is it being used to its greatest extent, and is it delivering actionable business insights that inform product development and support competitive advantage? This webinar will address these questions, looking...

BLOG

Wilshire Indexes Selects Alveo Data-as-a-Service for Corporate Actions Data Management

Wilshire Indexes, provider of a global benchmark platform that helps institutional investors, asset managers and retail intermediaries solve benchmarking, portfolio construction, and risk management challenges, has selected Alveo’s Data-as-a-Service (DaaS) solution for corporate actions data management. The Alveo solution sources, cross-references, compares and validates corporate actions from multiple data vendors. In case of discrepancies, the...

EVENT

Buy AND Build: The Future of Capital Markets Technology, London

Buy AND Build: The Future of Capital Markets Technology London on September 21st at Marriott Hotel Canary Wharf London examines the latest changes and innovations in trading technology and explores how technology is being deployed to create an edge in sell side and buy side capital markets financial institutions.

GUIDE

Regulatory Reporting Handbook – First Edition

Welcome to the inaugural edition of A-Team Group’s Regulatory Reporting Handbook, a comprehensive guide to reporting obligations that must be fulfilled by financial institutions on a global basis. The handbook reviews not only the current state of play within the regulatory reporting space, but also looks ahead to identify how institutions should be preparing for...