Client Lifecycle Management (CLM) solutions and services provider Fenergo has acquired the anti-money laundering (AML) transaction monitoring firm Sentinels.
Financial terms of the deal were not disclosed.
Go deeper with GlobalData
Launched in 2019, the acquired entity provides transaction monitoring solutions that are designed to identify and stop criminal transactions quickly.
It leverages customisable business rules, machine learning and network analysis to increase the accuracy of behavioural client risk profiles and the detection of financial crime.
The acquisition will enable Fenergo to offer end-to-end Software as a Service (SaaS) based-CLM with smart transaction monitoring to financial firms.
Fenergo allows financial institutions to comply with Know your Customer (KYC) and AML regulations while onboarding clients.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe addition of Sentinels will help the firm’s clients to strengthen their due diligence process by enhancing KYC monitoring with the help of rich KYC profiles and client behavioural data.
Fenergo CEO Marc Murphy said: “Our shared goal of aiming to solve the increasing compliance and operational challenges facing financial institutions made Sentinels an ideal fit.
“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.”
Fenergo will support Sentinels to expand globally and enhance its ability to cater to the needs of larger financial firms.
Sentinels founder and CEO Joost Houten said: “The combined force of Fenergo and Sentinels will ensure leading financial institutions and the fintech disrupters are best equipped to navigate the complex regulatory environment and fight financial crime.”
Fenergo set up its Private Banking and Wealth Management division in 2018 to offer value-added CLM services to its financial institution clients.
