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Coinmotion selects Fenergo Transaction Monitoring for AML compliance

Published Date

7th June 2023 – Money2020, Amsterdam – Fenergo, the leading provider of digital solutions for Know Your Customer (KYC), Transaction Monitoring and Client Lifecycle Management (CLM), today announced that Coinmotion, the Finland-based cryptocurrency service provider, has selected Fenergo’s Transaction Monitoring to streamline processes for anti-money laundering (AML) compliance. Leveraging Fenergo Transaction Monitoring, Coinmotion will better understand customer behaviour in real-time and report suspicious transactions to the Financial Intelligence Unit (FIU).  

Software-as-a-Service (SaaS) provider Fenergo will implement its transaction monitoring solution to further develop Coinmotion’s AML compliance processes, using KYC and transactional data to detect suspicious activity in real-time, minimise time and effort spent on false positives while remaining vigilant to unexpected risks and events. This will allow Coinmotion to effectively implement its risk-based approach and ensure compliance with evolving AML regulations as it scales its operations – helping the firm transition from a costly in-house solution to an agile and automated alternative. 

Coinmotion is an innovator in the Nordic region, allowing Finnish and foreign users to trade crypto to crypto, crypto to fiat, and fiat to crypto. With this, Fenergo will help Coinmotion to navigate the Nordic regulatory landscape and gain a full transactional picture of cash to crypto, and crypto to cash trades. In addition to the digitalisation of its compliance operations, Coinmotion benefits from Fenergo’s deep regulatory expertise and experience in supporting the world’s largest financial institutions with transformative ​technology​. As Fenergo’s first customer in Finland, similarly, future new Finnish customers will benefit from these learnings and product developments (such as low-click reporting with GoAML tailored to the Finnish FIU) created because of the partnership. 

With more regulation on the horizon, Fenergo’s transaction monitoring solution will enable Coinmotion to navigate the ever-evolving regulatory landscape.  

Jani Ultamo, Chief Compliance Officer, Coinmotion, added:

“As an industry leader, we must set the standard for the cryptocurrency industry when it comes to compliance. After all, this is critical to safeguarding our platform users. Fenergo’s Transaction Monitoring allows us to do just that, by prioritising investment for AML compliance automation and technology to ensure we’re compliant in an ever-changing regulatory environment.” 

Commenting on the deal, Stella Clarke, Chief Strategy and Marketing Officer, Fenergo, said:

"Fenergo’s API-driven Transaction Monitoring will allow Coinmotion to achieve smarter, real-time risk monitoring quickly. Coinmotion can focus on delivering a seamless client experience, whilst continuing to drive innovation across the industry and minimising the cost of operations with our expanded functionality. We’re delighted to be able to strengthen Coinmotion’s AML processes, and this partnership allows us to deliver on our mission to accelerate the financial services industry ecosystem’s growth and create a safer world by transforming the way our clients understand and manage their customers.”