Fenergo Expands into the Energy and Commodities Sectors, Bringing Intelligent KYC and Onboarding Solutions to New Markets

Already partnering with some of the world’s largest oil and gas, and commodities companies, Fenergo delivers KYC and onboarding solutions to meet the industry’s complex onboarding & compliance challenges

New York, NY, - October 30, 2024 -- Fenergo, the leading provider of AI-powered solutions for Know Your Customer (KYC), Anti-money Laundering (AML) transaction monitoring and Client Lifecycle Management (CLM), today announced that is has expanded into the energy and commodities sectors. This strategic move provides cutting-edge solutions that simplify client and supply chain onboarding and enhance KYC compliance processes for firms facing unique operational and regulatory challenges.

Fenergo’s expansion into energy and commodities represents a major step in its ability to support multiple industries with common challenges around complex entity and counterparty onboarding and rising compliance demands. With this expansion, Fenergo’s AI-powered KYC and onboarding will enable its clients – which already include some of the largest energy and commodities firms - to drive operational efficiencies, optimize data management and satisfy regulatory obligations.

Historically focused on the financial services sector, Fenergo experienced increased demand organically from energy and commodities firms seeking solutions that have been validated by some of the world’s largest financial institutions. Against the backdrop of increased global supply chain disruption and heightened geopolitical risks, energy and commodities firms have a growing requirement for efficient, technology-driven onboarding and KYC compliance management. 

Through sophisticated due diligence processes, Fenergo empowers organizations to manage risks effectively for high-value transactions and complex global operations. By centralizing and automating these tasks, Fenergo provides companies with a transparent view of their global supply chains, revealing potential red flags that may indicate illicit activities. This not only enhances compliance but also strengthens the integrity of global transactions, supporting the fight against financial crime.

"As the energy and commodities sectors become increasingly complex, with stricter regulations and multi-layered transactions, organizations in these industries have recognized the importance of advanced KYC and AML capabilities," said Stella Clarke, Chief Strategy Officer at Fenergo. "We were approached by leaders in these fields to see if our solutions could be applied to their specific challenges. And we’re proud to say yes. Our technology with regulatory rules coverage for over 120 jurisdictions backed by deep industry knowledge, perfectly positions us to help energy and commodities firms streamline compliance operations and swiftly adapt to evolving regulations."

Fenergo’s frictionless digital experience reduces the need for unnecessary touchpoints and enables counterparties and suppliers to digitally submit their KYC information. This approach reduces manual effort, accelerates onboarding processes and directly addresses the need for speed and efficiency in high-value trading environments.

In a recent Fenergo global survey of over 150 C-level executives in top energy and commodities firms, 78% of respondents agreed that effective management and analysis of counterparty data significantly impact their ability to meet sanctions obligations. This aligns with the increasing need for energy companies, particularly those operating in oil and gas, to adhere to complex sanctions measures and prevent inadvertent dealings with restricted entities. Additionally, almost 70% of respondents indicated that inefficient onboarding processes have directly led to lost trading opportunities, underscoring the critical need for fast, seamless integration of counterparties into business networks.

With a global presence and the flexibility to quickly adjust to policy changes, Fenergo’s solutions allow companies to stay ahead of compliance requirements in rapidly changing regulatory landscapes. Over 60% of survey respondents cited challenges in implementing timely adjustments to KYC and AML procedures, demonstrating the value of a platform capable of dynamic, real-time updates.

“By expanding into the energy and commodities sectors, Fenergo is continuing its commitment to delivering innovative AI-powered solutions that simplify data management and compliance processes, while addressing the complex challenges of these dynamic industries,” concluded Clarke.