Fenergo has launched its FinCrime Operating System, a cutting-edge platform designed to tackle the rising costs and complexities of regulatory compliance in the financial sector. The system, powered by Agentic AI, promises to reduce operational costs by 93% and improve document processing times by nearly three-quarters.
This development comes as a response to a global study revealing that 90% of banks in Singapore have experienced client losses due to onboarding delays, a 35% increase from the previous year.
The FinCrime OS integrates six autonomous AI agents to streamline client lifecycle management, including onboarding, know your customer (KYC) processes, and transaction monitoring. These agents automate tasks, provide real-time insights, and maintain governance, allowing financial institutions to handle more clients with fewer errors. Marc Murphy, CEO of Fenergo, stated, “Fenergo’s vision is to drive unprecedented change by transforming compliance from a reactive cost-centre into a strategic competitive advantage.”
The system’s Command Centre offers personalised dashboards and data analytics, ensuring complete governance and control over entity data in line with global AI regulations. Keith Redmond, Chief Product Officer at Fenergo, highlighted the transformative potential of the system, saying, “This is where agentic AI will be a game changer, allowing for faster onboarding, fewer manual errors, and lower compliance risks.”
As regulatory scrutiny intensifies globally, Fenergo’s FinCrime OS positions itself as a vital tool for financial institutions to navigate the challenges of compliance efficiently and strategically.
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