IBM Financial Crimes Insight (FCI) Community

The role of technology as the backbone of AML and KYC processes

By JULIE MELAMUD posted Mon May 11, 2020 10:09 PM


April 22, 2020
Author: @DAVID Marmer, VP, Offering Management, Regtech, Cognos Analytics and Planning Analytics, IBM Cloud and Cognitive Software

Technology has played a pivotal role in empowering the fight against money laundering, tax evasion and drug trafficking – all manner of financial crime.

And even though the role of technology in fighting financial crime keeps growing we are actually just at the start of what’s going to be the next wave of technology. It involves both the digitalization of all things financial and the adoption of new tools to both execute financial transactions and safeguard the financial system.

Existing AML transaction monitoring and sanctions screening systems can now be augmented with AI technologies like Natural Language processing, Robotic Process automation and machine learning to help financial institutions improve alert triage and investigative efficiencies.

IBM has been doing AI research for decades and the application of AI in anti-money laundering and know your customer (AML/KYC) has been instrumental in fighting financial crime. Today we’re announcing the signing of an original equipment manufacturing (OEM) agreement with Fenergo, a leading provider of digital transformation, customer journey and client lifecycle management (CLM) solutions for financial institutions. We see that Fenergo’s lifecycle approach to client management goes beyond initial onboarding and takes a lifetime view of the client, enabling the financial institution to perform data refreshes, ongoing due diligence and use the centralized data to support new regulatory obligations.

The agreement augments the IBM growing Financial Crimes prevention portfolio with Fenergo CLM technology to provide firms with a comprehensive customer on boarding and client lifecycle management solution.

Working with Fenergo can help our clients to understand the risk of a network of entities from the first time they see them to the last time – throughout the customer lifecycle. The AI capabilities are designed to find smarter insights about the risks clients may face – from AML to fraud, cyber threats, terrorist financing, sanctions and more. Our agreement drives us to inject that insight into every part of the lifecycle.

To learn more about the agreement, please read today’s announcement here. For more about the IBM financial crimes portfolio, please visit To learn more about Fenergo’s CLM portfolio, please visit

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