Irish regtech Fenergo has acquired AI-powered anti-money laundering (AML) firm Sentinels. The deal is set to bolster Fenergo’s end-to-end Software-as-a-Service (SaaS) client lifecycle management platform, providing smart transaction monitoring to compliment the firm’s existing know your customer (KYC) solutions. By adding transaction compliance to our existing client onboarding and product origination solutions, financial institutions can monitor and review client behavior and identify risks on an ongoing basis.
As a result of the acquisition, Fenergo’s clients and financial institutions will be able to combine KYC profiles with client behavioral data for continuous and granular KYC monitoring, detecting, and eliminating criminal transactions fast and at scale. The company adds the deal will also allow Sentinels to scale rapidly, increase its global footprint and serve larger financial institutions. With compliance costs surging and increasingly sophisticated criminal activity, it is imperative for financial institutions to break through data siloes and start assessing client risk holistically across KYC and transaction monitoring.