A-Team Insight Briefs

Fenergo Partners To Build National KYC Utility for Bahrain

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The Kingdom of Bahrain plans to improve client onboarding and minimise fraud through a partnership with Fenergo. Bahrain’s Electronic Network for Financial Transactions is working with Fenergo to implement a national KYC utility. The solution verifies customer identity via biometric identity and verification technology that links to Bahrain’s national identity card data before connecting to the eKYC hub, which determines required KYC and Anti-Money Laundering (AML) data and documentation for customer due diligence as required by Central Bank of Bahrain. Once customers are onboard, Fenergo writes data attestations to a blockchain for reuse by other financial institutions within the ecosystem.

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