Financial compliance software provider Fenergo has launched the FinCrime Operating System (OS), which leverages agentic AI to help financial institutions overcome rapidly increasing operational costs and rising compliance demands.
FinCrime OS, which is an evolution of existing Fenergo solutions and aims to become the single unifying platform across the Client Lifecycle, unifies client lifecycle events (such as onboarding, KYC, screening, identity and verification and transaction monitoring) onto a single platform.
The solutions’ initial six autonomous AI agents execute tasks quickly, with full auditability. Fenergo says that these agents enable firms to automate tasks, gain real-time insights, and maintain full control and governance.
“Across the financial services industry, compliance has become increasingly complex, costly and unsustainable,” explained Marc Murphy, CEO of Fenergo. “Fenergo’s vision is to drive unprecedented change by transforming compliance from a reactive cost-centre into a strategic competitive advantage. By re-imagining client lifecycle management through the lens of financial crime operations with intelligence and automation at its core, Fenergo’s FinCrime OS will ultimately empower financial institutions to handle more clients, with fewer errors, while streamlining operations. Compliance as a strategic engine for growth is our north star, and FinCrime OS is a leap forward in realising that vision.”
Fenergo’s FinCrime OS looks to enhance client experiences with a digital-first approach to onboarding and KYC reviews, and smooth transaction monitoring alert workflows, while reducing operational costs by automating tasks, saving up to 93 per cent. Built in line with global AI acts and regulatory guidelines, the FinCrime OS’ Command Centre also strengthens risk mitigation through AI-driven insights, enabling better policy operationalisation and minimising regulatory risks.
Automation driven by AI agents
Fenergo is leveraging six AI agents to streamline periodic KYC reviews by autonomously handling tasks like data reconciliation, document classification, and risk screening. This reduces manual effort and backlog, enabling proactive, intelligent workflows and allowing compliance teams to focus on high-risk exceptions. It promises to reduce periodic review timeframes by up to 45 per cent.
The six AI agents currently available include:
- Data Sourcing Agent: Sources data from one or more third-party data providers, 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 the next action
- Autocompletion Agent: Automates the completion of tasks based on pre-defined rules, policy and configured guardrails
- Insights Agent: Fenergo’s co-pilot, enabling users to interact with all operational, policy and entity data through natural language and harness real-time insights on process efficiency, operations and risk.
Built into the FinCrime OS, the Command Centre is a role-based daily landing page. It delivers personalised, real-time dashboards and data analytics, enabling users to observe all agent activity and maintain complete governance and control over entity data in line with global AI regulations.
Keith Redmond, chief product officer at Fenergo, also commented: “Our mission is to evolve Fenergo’s CLM solution into an active, intelligent solution that empowers users to focus on the most critical business tasks. This is where agentic AI will be a game changer, allowing for faster onboarding, fewer manual errors and lower compliance risks. We are thrilled to be leading innovation through our FinCrime OS.”
