Digital solutions company Fenergo has acquired Sentinels, an anti-money laundering (AML) firm.
The acquisition is part of Fenergo’s effort to deliver end-to-end SaaS-based client lifecycle management (CLM) with smart transaction monitoring to financial institutions.
Fenergo enables financial institutions to adhere to know-your-customer (KYC) and AML regulations, while Sentinels’ transaction monitoring solutions are purpose-designed to detect and eliminate criminal transactions fast and at scale.
Through the mandate, Fenergo’s clients and financial institutions will be able to combine KYC profiles with client behavioural data for continuous KYC monitoring.
The acquisition will also enable Sentinels to scale rapidly, increase its global footprint, and strengthen its ability to serve the needs of larger financial institutions.
Commenting on the mandate, Marc Murphy, CEO of Fenergo, says: “By adding transaction compliance to our existing client onboarding and product origination solutions, financial institutions can monitor and review client behaviour and identify risks on an ongoing basis. This blended approach to financial crime makes us perfectly placed to address the rising compliance challenges faced by financial institutions more efficiently.”
Joost van Houten, founder and CEO of Sentinels, comments: “With compliance costs surging to unsustainable levels, being blindsided by increasingly sophisticated criminal activity is simply not an option.
“The combined force of Fenergo and Sentinels will ensure leading financial institutions and the fintech disruptors are best equipped to navigate the complex regulatory environment and fight financial crime.”
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