The latest technology news in the wealth management sector from around the world.

Fenergo, which provides solutions for know your customer, anti-money laundering and client lifecycle management, has enhanced its FinCrime Operating System platform.

The Ireland-headquartered firm has rolled out its native Identity & Verification (ID&V) offering. This enables financial institutions to consolidate ID&V for onboarding, KYC, transaction monitoring and periodic reviews across subsidiaries and jurisdictions within one platform. 

This unified approach, which simplifies complex client lifecycle management ecosystems, eliminates duplication and manual effort.

The rollout of such services come at a time when jurisdictions such as Singapore, for example, are tightening regulatory controls for AML requirements, leading to concerns about protracted onboarding times and potential loss of business as a result.

“This innovative enhancement offers Singapore’s financial institutions a streamlined, unified platform for client onboarding, KYC, and transaction monitoring, thus, significantly boosting efficiency, reducing costs, and strengthening fraud prevention,” Fenergo said in a statement this week. “Given Singapore’s position as a leading global financial hub with stringent regulatory standards, this integrated AI-driven solution can help local banks and wealth managers meet compliance demands more seamlessly while delivering a faster, more secure client experience.”

Besides Singapore, the offering update is available in other jurisdictions where Fenergo operates, a spokesperson told this news service when asked about the matter.

Fenergo said “early adopters” have achieved benefits such as 99 per cent document classification accuracy and automated screening resolution of 50 per cent.

“By embedding native AI-powered ID&V, we are not only reducing the burden of multiple siloed systems but also enabling financial institutions to achieve a single client view across the enterprise,” the firm said. “Strategically, this translates into lower costs, reduced fraud risk and a dramatically improved client experience. Tactically, it means streamlined onboarding, reusable KYC data across the enterprise and fewer manual interventions."