Fenergo acquires Sentinels

Tuesday 26 April 2022 12:41 CET | News

Ireland-based provider of digital solutions for KYC and client lifecycle management (CLM), Fenergo, has completed the acquisition of Sentinels, an AML company based on AI technology.

The acquisition was set for an undisclosed amount and will strengthen Fenergo’s ability to deliver end-to-end SaaS based-CLM with smart transaction monitoring to financial institutions. At the same time, Fenergo enables financial institutions to adhere to AML and KYC regulations while safely onboarding clients and accelerating readiness to do business.

By acquiring Sentinels, Fenergo’s clients can combine KYC profiles with client behavioural data for continuous KYC monitoring. On the other hand, Sentinels will benefit from rapid scalability, an increase in its global footprint, and a stronger ability to serve the needs of large financial institutions.

According to research conducted by Celent, over 60% of the financial institutions will increase their budgets to fight financial crime and fraud, anticipating an increase in the phenomenon by 5%. The overall spend for AML and KYC technology has increased by 13% since 2020, allowing companies like Sentinels to deploy their latest anti-fraud technology and boost their global service providing presence.

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Keywords: acquisition, KYC, eKYC, AML, regulation, financial crime, fraud prevention, fraud management, identity fraud, artificial intelligence
Categories: Fraud & Financial Crime
Companies: Fenergo, Sentinels
Countries: World
This article is part of category

Fraud & Financial Crime




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