Fenergo, a leading provider of digital Know Your Customer (KYC), Transaction Monitoring and Client Lifecycle Management (CLM) solutions, and Coinmotion, a Finland-based cryptocurrency service provider, are partnering to streamline anti-money laundering (AML) compliance processes.
The partnership was sparked by Coinmotion’s need to effectively understand customer behaviour in real-time and promptly report any suspicious transactions to the Financial Intelligence Unit (FIU). Fenergo’s Transaction Monitoring solution will facilitate this, marking a shift for Coinmotion from a costly in-house solution to an agile and automated alternative.
Fenergo, known for its software-as-a-service (SaaS) solutions, uses KYC and transactional data to detect suspicious activity in real-time. The system reduces false positives and remains vigilant to unexpected risks and events. Meanwhile, Coinmotion, a significant player in the Nordic region, provides services for trading crypto-to-crypto, crypto-to-fiat, and fiat-to-crypto.
With more regulations on the horizon, this partnership will help Coinmotion navigate the evolving regulatory landscape and transition seamlessly from cash to crypto, and vice versa. Fenergo’s deep regulatory expertise and experience in supporting the world’s largest financial institutions will significantly benefit Coinmotion. The partnership also stands to benefit any future Finnish customers of Fenergo through product developments inspired by the collaboration.
Commenting on the partnership, Coinmotion Chief Compliance Officer Jani Ultamo said, “As an industry leader, we must set the standard for the cryptocurrency industry when it comes to compliance. Fenergo’s Transaction Monitoring allows us to do just that, by prioritising investment for AML compliance automation and technology to ensure we’re compliant in an ever-changing regulatory environment.”
On the other hand, Fenergo’s Chief Strategy and Marketing Officer, Stella Clarke, expressed her delight with the partnership, stating, “Fenergo’s API-driven Transaction Monitoring will allow Coinmotion to achieve smarter, real-time risk monitoring quickly. We’re delighted to be able to strengthen Coinmotion’s AML processes, and this partnership allows us to deliver on our mission to accelerate the financial services industry ecosystem’s growth and create a safer world.”
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global
