KYC and client lifecycle management (CLM) solution developer Fenergo has acquired Sentinels, which builds AI-powered AML and transaction monitoring platform.
The size of the acquisition was not disclosed.
Fenergo hopes this deal will bolster its ability to offer end-to-end software-as-a-service based CLM with smart transaction monitoring to financial institutions. Following the close of the deal, the Fenergo’s clients and financial institutions will be able to combine rich KYC profiles with client behavioural data for continuous and granular KYC monitoring. Through this, it hopes to ensure deeper due diligence can be conducted.
It added that the acquisition comes at a time where the financial industry is struggling with rising financial crime evolving regulations, operational inefficiencies and pressure to deliver a better customer experience.
Fenergo gives financial institutions to capability to meet KYC and AML regulations whilst onboarding clients safely and efficiently accelerating business readiness, it said.
Sentinels offers transaction monitoring that are purpose-designed to detect and eliminate criminal transactions quickly and at scale. Through the acquisition, Setntinels will be able to scale rapidly, grow its global footprint and serve its clients’ needs.
Fenergo CEO Marc Murphy said, “Our shared goal of aiming to solve the increasing compliance and operational challenges facing financial institutions made Sentinels an ideal fit. By adding transaction compliance to our existing client onboarding and product origination solutions, financial institutions can monitor and review client behaviour and identify risks on an ongoing basis.
“This blended approach to financial crime makes us perfectly placed to address the rising compliance challenges faced by financial institutions more efficiently.”