An API-first, SaaS solution that enables financial institutions to efficiently manage local and global KYC due diligence requirements throughout the entire client lifecycle and includes continuous risk monitoring to ensure ongoing compliance with KYC regulations.
Fenergo Know Your Customer offers a risk-based approach to KYC compliance that efficiently focuses resources on higher risk clients and ensures lifecycle compliance with local and global KYC regulations.
Future-proof compliance with Fenergo's continuous risk monitoring process and risk-based approach to KYC.
Streamlining the KYC process with automation and straight-through processing reduces the manual rekeying of data, the possibility of human errors and operational costs.
Delivered as a SaaS solution, Fenergo reduces the costs of managing and maintaining technology infrastructure and “cost to change” budget, reducing application, support and configuration costs.
A reduction in system hand-offs and duplication of data means teams are more organized around completing high value work tailored to the client’s needs, ultimately providing a better client experience.
Applying a risk-based approach to KYC compliance and having a clear view of the risk profile across the client portfolio will help identify opportunities for growth amongst new and existing clients.
Fenergo KYC is an API-first, SaaS solution that enables financial institutions to efficiently manage global KYC due diligence requirements throughout the entire lifecycle. Our intelligent Policy Manager dynamically determines the KYC and AML requirements to be met during every stage of the client lifecycle. The solution incorporates continuous risk monitoring to ensure ongoing compliance with KYC Regulations and is complimented by our sophisticated workflow management capabilities to orchestrate the client journey from onboarding, KYC reviews to offboarding.
It streamlines operational efficiencies by integrating seamlessly with Fenergo’s industry-leading data, ID&V and screening partners, eliminating silos between operational and compliance teams, and reducing client outreach.
Pre-packaged with KYC data, document, and ownership and control rules for all entity types and natural persons across 120+ jurisdictions, Fenergo KYC gives financial institutions peace of mind that the correct levels of due diligence are being applied to clients and related parties. Utilizing our rules saves time on implementation, resulting in quicker time-to-value.
Fenergo KYC provides continuous monitoring of the client profile by identifying changes from integrated data and screening providers, assessing the impact of those changes and determining materiality to keep the KYC profile up-to-date in real-time. It enables financial institutions to detect and action potential KYC risks earlier than the next scheduled review.
Fenergo KYC’s Risk Engine dynamically responds to inputs to a client’s KYC profile and automatically calculates client risk assessment, driving appropriate levels of due diligence, including enhanced due diligence for higher risk clients.
Fenergo supports multiple risk models and users can trust that the correct financial crime risk model is called at the correct point-in-time thanks to dynamic risk scoping rules, as defined by the business.
Fenergo’s Related Party Manager enables financial institutions to identify, create and visualize complex entity relationships and structures, including ultimate beneficial owners and persons with significant control.
Legal Entity Data with External Data Providers: Fenergo KYC is integrated with market leading data providers to simplify the data collection process and to validate data provided by the client, ultimately, transforming the experience.
Screening Integrations: The solution is complemented by advanced screening integrations to industry-leading screening providers to detect Politically Exposed Persons (PEPs), Sanctions and Adverse Media alerts and support the AML process.
A Final Frontier for Digital Transformation in Banking.
This report investigates the direct and opportunity costs of allocating huge resources to KYC functions. Authored by Stella Clarke, Chief Strategy & Marketing Officer & Cengiz Kiamil, Vice President, Strategy @Fenergo.
The KYC process protects financial institutions and the entire financial system from financial crimes e.g. money laundering, terrorism financing and other illegal frameworks.
The KYC process is heavily dependent on client information. Clients must prove they are who they say they are and that their sources of funds are legitimate. They need to prove their identity and produce documents verifying the legitimacy of their information and onboarding application. Financial institutions may refuse to open an account or may cease an existing relationship with a client if the client fails to meet KYC requirements.
There are 3 key challenges of conducting Know Your Customer.
Firstly, the KYC process is very information and document heavy. Clients must prove they are who they say they are, and all monies associated with them have a legitimate source. For financial institutions that do not have KYC automation, the process of outreaching to clients to collect this information is quite haphazard and time-consuming. In fact, KYC is a key reason why client onboarding takes so long.
Secondly, when the client information is submitted, it must be inputted and processed into the relevant systems. This can introduce a high level of human error. The more manual a KYC process is, the more KYC specialists are required to manually input and review client information to make an assessment as to how much risk the client poses to the institution. Due to the complexity of KYC reviews and the amount of information required to be sifted through, this can lead to errors in judgment and inadvertently doing business with entities that may harm the reputation of the financial institution. Furthermore, the more people required to conduct Know Your Customer checks, the higher the cost of KYC compliance.
The final challenge comes in the form of regulatory scrutiny. In 2022, global penalties totalled $4.9 billion for KYC violations and non-compliance (Fenergo Fines Report, 2022).
Perpetual KYC (or PKYC) automates as much of the existing periodic KYC review process as possible. It means continuous monitoring of the client profile - identifying changes across relevant data sources, assessing their risk impact, and applying materiality. With more frequent but fully automated incremental refreshes, the client profile is kept up to date, so that when a review falls due, the volume of work requiring human intervention is reduced.
There are many benefits of P-KYC. Here are three core benefits for financial institutions.