Digitally Transform KYC and AML Compliance with Fenergo
With Fenergo KYC and Transaction Compliance, fintechs can accurately identify and verify who they are doing business with, gain an understanding of their business and risk profile, and monitor their transaction activity to ensure they are operating accordingly and not involved in money laundering or terrorist financing.
Increase Operational Efficiencies
A single solution for KYC and Transaction Compliance makes for a streamlined lifecycle management experience by automating burdensome tasks, alleviating bottlenecks, supporting seamless handovers between teams and providing a single client view that is always up-to-date.
Reduce Risk and Manage Compliance
Future-proof compliance with a risk-based approach to KYC and transaction monitoring. Ensure ongoing compliance with a continuous risk monitoring process that provides an accurate and up-to-date view of your client’s KYC profile and their transactional behavior.
Transform Client Experience
Increased levels of automation reduce the operational overhead, eliminates unnecessary information requests and allows you to refocus efforts on driving value for clients.
Reduce Total Cost of Ownership
Fenergo simplifies the buying process by offering KYC and transaction monitoring in a single solution, delivered as SaaS.
Why is transaction monitoring important?
Firstly, transaction monitoring is a regulatory obligation under anti-money laundering (AML) regulation. Transaction monitoring is important in preventing money laundering and terrorist financing operations. Financial institutions must have systems and processes in place to facilitate the monitoring of their client’s transactional behaviour and to report suspicious transaction activity to the relevant authorities. Without AML transaction monitoring procedures, vast amounts of money generated by criminal activity makes its way into the financial system, which is used to help fund further criminal activity.
What is Transaction Compliance?
Transaction compliance is the process of complying with anti-money laundering (AML) regulation as it relates to transaction monitoring. Financial institutions put into practice systems and processes to monitor their client’s transactional behaviour, identify, stop and investigate suspicious transactions and report them to the relevant financial intelligence unit (FIU).
Why integrate Know Your Customer (KYC) and Transaction Monitoring?
By integrating KYC and AML Transaction Monitoring software, it gives financial institutions a 360 degree view of their client’s KYC risk profile and transactional behaviour in a single place. The ability to bring together a client’s expected activity and their actual transactional behaviour, makes it easy to identify any discrepancies and suspicious activity. Having the two systems and processes integrated in a single solution results in better data management and the ability to make more informed risk decisions. It facilitates continuous risk monitoring of a client's profile by listening for and reacting to KYC and suspicious transaction events, which gives financial institutions a continuously up-to-date view of their clients.
What is involved in the Transaction Monitoring process?
The transaction monitoring process is the way in which a financial institution is able to identify suspicious transactions. It utilises rules-based scenario analysis and machine learning (ML) to detect suspicious transactions. These transactions, along with the associated data and the data of the involved parties, is investigated to determine if in fact the transaction is truly suspicious, at which point a Suspicious Activity Report (SAR) is filed with the relevant authorities, the local Financial Intelligence Unit (FIU).
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See how you can digitalize and integrate Know Your Customer and Transaction Monitoring with Fenergo.