According to research conducted by Aite Novarica Group, 38% of financial institutions use two or more systems for risk, reflecting the high number of firms that use different systems for different business lines and asset classes.
In response to this challenge, FinCrime Risk enables firms to consolidate risk assessment into a central platform and digitalise manual processes, driving operational efficiencies, and enhancing client onboarding experiences.
In the EU, under the Fourth AML Directive, financial institutions are obliged to identify exposure to countries with strategic deficiencies in their AML/counter funding of terrorism (CFT) regimes and apply enhanced due diligence to associated clients categorised as high risk.
The standalone regulatory offering is built on API-first, channel-agnostic technology that can be integrated seamlessly into any technology environment. It provides client and entity risk profiles that can be used by any permissioned user from any integrated platform. It features pre-configured Financial Crime Risk Model accelerators based on criteria recommended by the Financial Action Taskforce (FATF), which Fenergo regulatory experts designed. These are maintained on a dedicated no-code user interface.
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