Digital solutions provider Fenergo has launched FinCrime Risk, an SaaS solution which centralises and automates risk assessment processes and streamlines anti-money laundering (AML) compliance.
FinCrime Risk enables firms to consolidate risk assessment into a central platform while digitalising manual processes, in an effort to increase operational efficiencies and enhance the client onboarding experience.
The solution features pre-configured Financial Crime Risk Model accelerators based on criteria recommended by the Financial Action Taskforce, which are designed by Fenergo’s regulatory teams.
In the EU under the Fourth AML Directive, financial institutions are required to identify exposure to countries with strategic deficiencies in their AML orcounter funding of terrorism regimes and apply enhanced due diligence to associated clients categorised as high risk.
In the US, it is expected that the forthcoming Notice of Proposed Rulemaking on Effective AML programmes will require financial institutions to implement mandatory risk assessments by law.
The changing regulatory landscape underlines the need for financial institutions to be prepared to demonstrate to regulators their ability to perform effective risk assessments or be held accountable, says Fenergo.
Citing research conducted by Aite Novarica Group, Fenergo adds that 38 percent of financial institutions use two or more systems for risk — reflecting the high number of firms that use different systems for different business lines and asset classes.
Commenting on the product launch, Stella Clarke, chief strategy officer at Fenergo, comments: “It was important for us to design a product that can be used across a wide range of geographically dispersed financial institutions, from corporate and investment banks to universal banks and payment service providers.
“What is particularly significant for existing and new clients is the ease of adoption. Financial institutions can benefit from Fenergo’s market leading financial crime credentials immediately.”
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