As the year 2024 comes to a close, it’s wise for financial institutions and Regtech (regulatory technology) providers to pause and assess the evolving sanctions landscape, particularly with the U.S. preparing to transition to a new administration in 2025. This, according to an update from Regtech company Fenergo.
Rory Doyle, Head of Financial Crime Policy at Fenergo, the provider of AI-powered solutions for KYC, AML, and CLM, has noted:
“In the US it is expected that the new Administration will introduce significant changes to the sanctions landscape. It is anticipated that global sanctions will enter a period of instability and trade wars with China may ramp up. The inevitable velocity of change will require FIs to ensure they have robust systems in place that can react immediately to new sanctions measures or risk falling foul.”
Doyle from Dublin Regtech Fenergo added:
“Overall, in an increasingly volatile geopolitical environment, fraught with the threat of tariffs and de-globalization, the risk of financial institutions breaching sanctions rules will undoubtedly rise in 2025.”
Fenergo, the provider of digital solutions for Know Your Customer (KYC), anti-money laundering (AML) Transaction Monitoring, and Client Lifecycle Management (CLM), announced recently that it has been mentioned as the Category Leader for Completeness of Offering in the 2024 Chartis AML Transaction Monitoring Quadrant.
Fenergo received solid ratings for capabilities, including data and systems integration, modeling and risk typology, and platform and case management.
It was recognized for speed, volume, and workflow automation.
Nick Vitchev, Research Director at Chartis, stated:
“The breadth and depth of Fenergo’s data integrations enable it to enrich AML transactional data with a broad set of risk signals, while its strength in modeling enables the customization and flexibility that is crucial for the range of use cases it covers.”
Fenergo obtained its position in the Quadrant following a detailed analysis of the market by Chartis to explain to buyers which solutions “are best according to their implementation strategies.”
The Quadrant reportedly employs a comprehensive methodology of in-depth independent research and a clear scoring system to “explain which technology solutions meet an organization’s needs.”
