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

IBM and Fenergo Join Forces on Financial Crime

Subscribe to our newsletter

Client lifecycle management (CLM) specialist Fenergo has partnered with IBM for an original equipment manufacturing (OEM) agreement that will allow the two firms to collaborate on the development of new financial risk solutions for their clients that combine Fenergo’s CLM offering with IBM Watson’s anti-money laundering and KYC portfolio.

As a result of the partnership, IBM will offer companies a complete AI application suite that is focused on risk and compliance and to help clients fight financial crime and meet their intensifying regulatory requirements for disclosure.

IBM plans to build on this work to assist clients in integrating AI-driven insights from its Financial Crimes Insights solutions into Fenergo’s CLM solution. Fenergo’s software is designed to help clients further reduce false positives in the AML and KYC solutions, reduce the costs of manual intervention, drive operational efficiencies, and improve overall customer experiences.

More than $10 billion in global fines was doled out to companies and financial institutions in 2019 for non-compliance with AML, KYC and sanctions regulations. Since 2008, the total value of fines amounts to $36 billion. In such a complex and costly regulatory environment, financial institutions and organizations around the world are under increasing pressure to respond and respond quickly.

“Financial institutions are grappling with rising costs and fines associated with KYC and AML requirements. Banks and other financial institutions need a CLM system to address regulatory challenges and keep abreast of the changing regulatory landscape,@ says Julian Clarke, Fenergo’s Head of Partners and Alliances. “Through this relationship, Fenergo will be available as part of IBM’s offering, allowing access to new and existing clients within IBM’s ecosystem which in turn can help reduce procurement burdens associated with enterprise software.

IBM will go-to-market with Fenergo’s CLM platform directly, with the goal of giving customers access to its additional support services including global IT support, predictive analytics, system developers, augmented reality, multi-vendor processing and a single point of contact interface.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Detecting and preventing market abuse

Market abuse – unlawful disclosure of inside information, insider trading, circular trading, “pump and dump” schemes, etc. – poses significant threats to the integrity of capital markets. In 2024, global trading house Trafigura agreed to pay a $55 million fine to the U.S. Commodity Futures Trading Commission (CFTC) for trading with non-public information, manipulating a...

BLOG

GLEIF Begins a New Decade in Growth Mode

The Global Legal Identifier Foundation (GLEIF) enters its second decade this month with its novel system of identifiers for everything from companies and their financial instruments to real assets fast becoming a global standard. While the next five years are expected to see yet more entities join the GLEIF’s open data project, the organisation’s immediate...

EVENT

AI in Capital Markets Summit London

The AI in Capital Markets Summit will explore current and emerging trends in AI, the potential of Generative AI and LLMs and how AI can be applied for efficiencies and business value across a number of use cases, in the front and back office of financial institutions. The agenda will explore the risks and challenges of adopting AI and the foundational technologies and data management capabilities that underpin successful deployment.

GUIDE

Risk & Compliance

The current financial climate has meant that risk management and compliance requirements are never far from the minds of the boards of financial institutions. In order to meet the slew of regulations on the horizon, firms are being compelled to invest in their systems in order to cope with the new requirements. Data management is...