The leading knowledge platform for the financial technology industry
The leading 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: Adverse media screening – how to cut exposure to criminal activity, from money laundering to human trafficking

Screening for adverse media coverage of counterparties presents an incredible opportunity for financial institutions to limit risk exposures and identify bad actors early. It is required by regulations such as the EU’s sixth Anti-Money Laundering Directive (AML 6), and is one of the most effective ways to steer clear of potential connections with sanctioned activity...

BLOG

Australia’s Identitii Launches SaaS-Based AML/CTF Platform to Reduce Regulatory Risk

Australia-based Identitii, which specialises in helping regulated entities including banks and other ‘money services’ providers manage regulatory risk, has launched a SaaS-based reporting and compliance platform aimed at addressing AML and counter-terrorist financing (CTF) reporting obligations. The cloud-based platform delivers end-to-end reporting automation and future proofs compliance by accepting any payment file format used today...

EVENT

Data Management Summit London

Now in its 12th year, the Data Management Summit (DMS) in London brings together the European capital markets enterprise data management community, to explore the evolution of data strategy and how to leverage data to drive compliance and business insight.

GUIDE

Regulatory Data Handbook 2021/2022 – Ninth Edition

Welcome to the ninth edition of A-Team Group’s Regulatory Data Handbook, a publication dedicated to helping you gain a full understanding of regulations related to your organisation from the details of requirements to best practice implementation. This edition of the handbook includes a focus on regulations being rolled out to bring order and standardisation to...