Fenergo, a provider of solutions for Know Your Customer (KYC), Anti-money Laundering (AML) transaction monitoring and Client Lifecycle Management (CLM), announced that is expanded into the energy and commodities sectors.
This move provides solutions that aim to simplify client and supply chain onboarding and improve KYC compliance processes for firms facing operational and regulatory challenges.
Fenergo’s expansion into energy and commodities represents a step in its ability to support various industries with challenges around complex entity and counterparty onboarding as well as increasing compliance demands.
With this expansion, Fenergo’s AI-enhanced KYC and onboarding will enable its clients – which already include some of the largest energy and commodities firms – to drive efficiencies, optimize data management and address regulatory guidelines.
Historically focused on the financial services sector, Fenergo claims in an update that it experienced demand from energy and commodities firms seeking solutions that have been validated by financial institutions.
Against the backdrop of increased supply chain disruption and geopolitical risks, energy and commodities firms have a requirement for technology-driven onboarding and KYC compliance management.
Through due diligence processes, Fenergo empowers organizations to manage risks for “high-value transactions” and global operations.
By centralizing/automating these tasks, Fenergo provides companies with a view of their supply chains, revealing “potential” red flags that may indicate illicit activities.
This not only enhances compliance but also strengthens the integrity of global transactions, supporting the fight against financial crime.
Fenergo’s digital experience reduces the need for “unnecessary” touchpoints and enables counterparties and suppliers to “digitally submit their KYC information.”
According to the Regtech company, this approach reduces manual effort, accelerates onboarding processes, and directly addresses the need for “speed and efficiency in high-value trading environments.”
In a Fenergo survey of more than 150 C-level executives in various energy and commodities firms, approximately 78% of respondents agreed that effective management and analysis of counterparty data “significantly impact their ability to meet sanctions obligations.”
This aligns with the need for energy companies, particularly those operating in oil and gas, to adhere to sanctions measures and prevent “inadvertent dealings with restricted entities.”
Additionally, around 70% of respondents indicated that inefficient onboarding processes have led to lost trading opportunities, underscoring the critical need for seamless “integration of counterparties into business networks.”
With a global presence and the flexibility to adjust to policy changes, Regtech platform Fenergo’s solutions allow companies to stay ahead of compliance requirements.
More than 60% of survey respondents cited challenges in implementing timely adjustments to KYC and AML procedures, “demonstrating the value of a platform capable of dynamic, real-time updates.”
