Breaking Through Data Siloes in Financial Services

Listen to Fenergo’s Director of FinCrime, Kevin O’Leary, and Sentinel’s Head of Growth, Friso Paping, speak at the first in-person Money 20/20 Conference after Covid-19.

In this episode of Fenergo FinTalks, Kevin and Friso discuss how fintechs are driving innovation through AI transaction monitoring for anti-money laundering (AML).

They also outline the biggest opportunities for the financial services market today and how the combined support of Fenergo and Sentinels can help financial institutions to meet these challenges.

The combined products of Sentinel’s AI transaction monitoring system and Fenergo’s integrated AML approach helps financial institutions (FIs) to efficiently onboard clients through a multitude of channels. Continuous monitoring of client behaviour is a much-needed benefit that Sentinels can deliver to fintechs and their compliance efforts. 

As Friso explains, through Fenergo’s acquisition of Sentinel’s “we're building one platform where we really leverage all of that data that is captured and making sure that financial institutions break through those data silos.”

But how can we help fintechs solve those problems and stay compliant? By monitoring the risk of customers as they transact over time. This continuous, real-time approach to AML transaction monitoring allows us to bring together the transaction data against Know Your Customer (KYC) data gathered at onboarding and their expected behaviour. 

By comparing expected behaviour with a client's actual behaviour, financial institutions can go from basic compliance to really understanding their customers.

Financial crime is on the rise and regulators are cracking down, introducing new regulations that FIs need to adapt to at speed to stay out of the regulatory spotlight and efficiently conduct business. Taking advantage of the strategic partnerships available with technology vendors allows FIs to stay ahead of regulatory scrutiny, implement best practice solutions, and set industry standards.

Find out how Fenergo can help your organization navigate financial crime compliance challenges in 2023, get in touch or explore our solutions for KYC and AML Transaction Monitoring.

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