A common complaint among private banks is the increasing cost in time and money spent on meeting compliance requirements. Regulatory scrutiny is intensifying globally, with fines hitting record highs.
Few deny the necessity of effective “know your client” (KYC) due diligence and tight anti-money laundering (AML) processes, but as Cengiz Kiamil, managing director at Fenergo, told FSA in an interview, “banks are drowning in manual compliance processes that scale poorly”.
Fenergo provides AI-powered systems for client lifecycle management (CLM), specialising in KYC and AML compliance transformation for financial institutions.
Fenergo’s new FinCrime Operating System, launched in late May, deploys six “autonomous AI agents” that work like a digital compliance team, automatically handling everything from client onboarding to suspicious transaction detection, according to Kiamil.
By leveraging agentic AI and automation to bolster CLM, Fenergo aims to help organisations to streamline operations, reduce costs, automate compliance processes and enhance client experience across over 120 jurisdictions.
The six AI agents available include data sourcingfrom one or more third-party data provider, which compares against entity data and auto-completes tasks; screening checks against third-party integrations, auto-resolving hits and returning results to providers, and extracts, classifies and links documents using AI to automate document-management processes.
The other three include performance checks against data changes to determine significance to define next action, automating the completion of tasks based on pre-defined rules, policy and configured guardrails and finally, a co-pilot that allows users to interact with all operational, policy and entity data through natural language and harness real-time insights on process efficiency, operations and risk.
“Early adopters are seeing operational costs plummet by 93% while cutting document processing time by nearly three-quarters,” he said.
Fenergo’s initial six AI agents streamline periodic KYC reviews by autonomously handling tasks such as data reconciliation, document classification, and risk screening.
“This reduces manual effort and backlog, enabling proactive, intelligent workflows and allowing compliance teams to focus on high-risk exceptions,” said Kiamil.
