News from the Wire

PROVEN Bank, Fenergo to boost AML compliance processes

Wednesday, July 31, 2024 — 12:43:51 (EDT)

31st July 2024 – London – Fenergo, the leading provider of digital solutions for know your customer (KYC), transaction monitoring and client lifecycle management (CLM), today announced that Caribbean-based PROVEN Bank is deploying Fenergo’s transaction monitoring solution to streamline its anti-money laundering (AML) compliance processes.

Integrating Fenergo’s technology will enhance PROVEN Bank’s operational efficiency considerably, by automating several manual AML processes, reducing false positives and ultimately enabling the bank to focus compliance resources on higher-risk customers.

Fenergo’s tech is being implemented as part of a broader strategic initiative to enhance PROVEN Bank’s digital capabilities across its offshore banking locations. 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 news follows significant regulatory developments in the regions in which PROVEN Bank operates, with the Cayman Islands recently being removed from the Financial Action Task Force’s AML grey list and subsequently the EU’s black list earlier this year.

By reallocating resources from manual tasks to value-adding, revenue-generating activities, the bank can focus on cross-selling and offering tailored products to existing customers based on the data insights unearthed by Fenergo’s platform.

Nikita Kissoon, Deputy Chief Executive Officer at PROVEN Bank, said: “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. Deploying Fenergo’s transaction monitoring solution will greatly enhance our AML compliance efforts, streamlining operations and improving visibility across our customer base. This aligns with our commitment to combat financial crime and remain future-proofed against fast-evolving regulatory changes across our offshore locations.”

Stella Clarke, Chief Strategy Officer, Fenergo, added: “For banks that operate across various geographical regions, staying abreast of jurisdiction-specific AML regulations can be extremely complex and resource-intensive. Our transaction monitoring solution offers PROVEN Bank the flexibility to seamlessly adapt to fast-evolving regulatory environments, while empowering it to more effectively cross-sell services to existing customers based on rich data insights.”

ENDS

About Fenergo:

Fenergo is the leading provider of AI-powered Client Lifecycle Management (CLM) solutions that digitally transform how financial institutions, asset management and fintech firms and corporates onboard and manage clients throughout their client lifecycle. Its software digitally orchestrates every client journey from initial Know your Customer (KYC) and client onboarding, automating regulatory compliance and enabling continuous monitoring throughout the client lifecycle (transaction monitoring, perpetual KYC), all the way to client offboarding. Fenergo is recognized for its in-depth financial services and regulatory expertise and out-of-the-box rules engine which ensures financial institutions are future-proofed against evolving Environmental, Social and Governance (ESG), KYC, Anti-Money-Laundering (AML), tax and prudential regulations across 120+ jurisdictions. For further information about Fenergo, please visit: www.fenergo.com

About PROVEN Bank:

PROVEN Bank (Cayman) Limited (the “Bank”), formerly Fidelity Bank (Cayman) Limited (FBC), was acquired on February 1, 2022 by the PROVEN Group. After over 40 years under the Fidelity name, the company was renamed to PROVEN Bank (Cayman) Limited for uniformity and alignment. The Group’s structure was also reorganized to include the creation of a bank holding company, PROVEN Bank Holdings Limited (“PBHL”). PROVEN Bank (Saint Lucia), formerly Boslil Bank Limited and a 100% subsidiary of the PROVEN Group, was acquired by PROVEN Bank (Cayman) and this consolidated entity became a direct subsidiary of PBHL.

The Bank is licensed and regulated by the Cayman Islands Monetary Authority (“CIMA”) as a category “A” Banking entity. The Bank and its subsidiaries, offer a full range of retail and private banking services, including electronic banking, acceptance of deposits, granting of loans, credit cards, merchant and foreign exchange services through each of its two (2) operating banks in Grand Cayman and St. Lucia.

PROVEN Group Limited (PROVEN/PGL), which is the ultimate parent company is the Caribbean’s premier “Income & Growth Strategy” investment company, built on the solid reputation to provide shareholders with consistent returns, through a diversified portfolio of regional and international investments spread across main investment strategies in wealth, banking, properties, and private capital.

The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information: bankcardlife.com?orid=33533&opid=1 .

Source: Company press release.