Proven Bank invests in transaction monitoring technology







Fintechfurures.com reports that Proven Bank, a Caribbean-based banking group, has partnered with Irish fintech Fenergo to enhance its anti-money laundering (AML) compliance processes.

Proven Bank will leverage Fenergo’s transaction monitoring solution as a key component of a “broader strategic initiative” aimed at enhancing the group’s “digital capabilities” across its offshore banking locations.

The implementation will commence at the bank’s Cayman Islands branch, before being rolled out to its St. Lucia offices and affiliated company, Proven Wealth, in Jamaica.

Fenergo claims that its tech will enhance the Caribbean banking group’s “operational efficiency”. The firm says its solution is designed to reduce false positives and automate manual AML processes and will allow the bank to “focus compliance resources on higher-risk customers”.

Founded in 2009, Fenergo provides financial institutions with regulatory compliance, transaction monitoring, know your customer (KYC), and client lifecycle management solutions.

Last December, the Irish fintech secured Dutch commercial bank NIBC as a client, with NIBC adopting Fenergo’s KYC and onboarding offering.

Commenting on the collaboration, Proven Bank’s deputy CEO, Nikita Kissoon, says that “with regulatory pressures mounting”, the bank’s decision to partner with Fenergo was driven by the firm’s “reputation” for expertise in both AML regulations and compliance technology.

Kissoon adds: “Deploying Fenergo’s transaction monitoring solution will greatly enhance our AML compliance efforts, streamlining operations and improving visibility across our customer base. This aligns with our commitment to combat financial crime and remain future-proofed against fast-evolving regulatory changes across our offshore locations.”

Information source: fintechfutures.com


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