Ireland-based Fenergo has announced that Caribbean-based PROVEN Bank has deployed its transaction monitoring solution to streamline AML processes. Fenergo, a provider of digital solutions for know your customer (KYC), transaction monitoring, and client lifecycle management (CLM), announced that PROVEN Bank is deploying Fenergo’s transaction monitoring solution to streamline its anti-money laundering (AML) compliance processes.

Enhances compliance and efficiency Integrating Fenergo’s technology will enhance PROVEN Bank’s operational efficiency by automating several manual AML processes, reducing false positives, and ultimately enabling the bank to focus compliance resources on higher-risk customers. Fenergo’s tech is being implemented as part of a broader strategic initiative to enhance PROVEN Bank’s digital capabilities across its offshore banking locations. The rollout will begin in the bank’s Cayman Islands location before expanding to its St.

Lucia offices and its affiliated company (PROVEN Wealth) in Jamaica. The news follows significant regulatory developments in the regions in which PROVEN Bank operates, with the Cayman Islands being removed from the Financial Action Task Force’s AML grey list and subsequently the EU’s blacklist in early 2024. By reallocating resources from manual tasks to value-adding, revenue-generating activities, the bank can focus on cross-selling and offering tailored products to existing customers based on the data insights unearthed by Fenergo’s platform.

Commenting on the news, officials from PROVEN Bank said that with regulatory pressures mounting, their decision to partner with Fenergo was driven by the company’s excellent reputation for expertise in both AML regulations and cutting-edge compliance technology. Deploying Fenergo’s transaction monitoring solution will enhance theirAML compliance efforts, streamlining operations and improving visibility across our customer base. In a reply, representatives from Fenergo said that for banks that operate across various geographical regions, staying abreast of jurisdiction-specific AML regulations can be extremely complex and resource-intensive.

Their transaction monitoring solution offers PROVEN Bank the flexibility to seamlessly adapt to fast-evolving regulatory environments, while empowering it to more effectively cross-sell services to existing customers based on rich data insights. .