Compliance Corner: Fenergo, PROVEN Bank

Editorial Staff

1 August 2024

Fenergo, PROVEN Bank
, the Ireland-based provider of KYC, transaction monitoring and client lifecycle management solutions, has logged a new client – Caribbean-based PROVEN Bank.

PROVEN Bank is using Fenergo’s offering to streamline its anti-money laundering compliance processes. 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 Financial Action Task Force (FATF) removed the Cayman Islands from its AML “grey list” and European Union “black list” earlier this year.

“With regulatory pressures mounting, our decision to partner with Fenergo was driven by the company’s excellent reputation for expertise in both AML regulations and cutting-edge compliance technology,” Nikita Kissoon, deputy chief executive at PROVEN Bank, said. “Deploying Fenergo’s transaction monitoring solution will greatly enhance our AML compliance efforts, streamlining operations and improving visibility across our customer base.”

Headquartered in Dublin, Fenergo has offices in North America, the UK, Poland, Spain, South Africa, Asia-Pacific, and the United Arab Emirates.

PROVEN Bank (Cayman), formerly Fidelity Bank (Cayman), was bought on 1 February 2022 by the PROVEN Group. Previously, it operated under the Fidelity flag for more than four decades.