Reported by FinTech Global

Fenergo, the leading provider of digital solutions for KYC, CLM and transaction monitoring, has launched AI Powered CLM.

This new set of AI capabilities aims to boost operational efficiencies, accelerate onboarding, and improve end-user experiences while reducing costs associated with KYC and AML compliance.

The introduction of AI to Fenergo’s CLM is driven by the need for firms to more accurately identify and mitigate financial crime risk while seamlessly meeting regulatory obligations for KYC, AML, and sanctions measures. This AI-powered offering is designed to empower firms to deliver more efficient, frictionless onboarding and lifecycle management journeys, ultimately accelerating time to revenue.

Fenergo’s AI launch comes at a time of increased regulatory flux and sophisticated financial crime activities. This challenging environment is compounded by limited resources and outdated legacy systems, making it difficult for financial institutions, energy firms, and corporates to address financial crime effectively. According to recent figures, penalties for failing to comply with AML, KYC, ESG, sanctions, and CDD regulations reached $6.6bn in 2023, up from $4.2bn in 2022.

Fenergo’s new offering includes three AI functionalities, scheduled for release between now and Q4: Intelligent Document Processing (IDP), Advanced Reporting, and AI Assistant. These capabilities aim to automate labour-intensive tasks related to client onboarding, due diligence, and regulatory reporting.

Read full report: https://fintech.global/2024/06/04/fenergo-launches-ai-powered-clm-to-enhance-compliance-and-efficiency/