The savings in operational costs from using the suite of “agentic AI” systems could be up to 93 per cent, Fenergo said.

Fenergo, the Dublin-headquartered provider of solutions for client lifecycle management, compliance and other tasks, has launched its FinCrime Operating System.

The offering uses “agentic AI” – a form of AI that can take certain decisions autonomously to help firms such as wealth managers cope with rising operational costs and compliance demands amidst volatile geopolitics and changes to regulations.

“Across the financial services industry compliance has become increasingly complex, costly and unsustainable,” Marc Murphy, CEO, Fenergo, said. “Fenergo’s vision is to drive unprecedented change by transforming compliance from a reactive cost-centre into a strategic competitive advantage.”

The Fenergo FinCrime OS unifies client lifecycle events – onboarding, KYC, screening, identity and verification (ID&V) and transaction monitoring – on a single platform. 

The firm says the offering can automate tasks and slash up to 93 per cent of operational costs.

Fenergo’s initial six AI agents streamline periodic KYC reviews by autonomously handling tasks such as data reconciliation, document classification, and risk screening. It can cut periodic review timeframes by up to 45 per cent, based on a straight-through processed (STP) periodic review for a low-risk client.

The Six AI agents available today include:

-- Data sourcing agent – Sources data from one or more third-party data provider, compares against entity data and auto-completes tasks; 

-- Screening agent – Runs screening checks against third-party integrations, auto-resolves hits and returns results to providers; 

-- Document agent – Extracts, classifies and links documents using AI to automate document-management processes;  

-- Significance agent – Performs a check against data changes to determine significance to define next action; 

-- Autocompletion agent – Automates the completion of tasks based on pre-defined rules, policy and configured guardrails; and 

-- Insights agent – Fenergo’s co-pilot 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.
 
In December last year Fenergo said Pictet, the Swiss private bank, had deployed Fenergo's CLM solution to enhance its own asset servicing capabilities.