Proven Bank Partners with Fenergo to Enhance AML Compliance
Key Points:
- Partnership Overview:
- Caribbean-based Proven Bank has partnered with Irish fintech Fenergo to improve its anti-money laundering (AML) compliance processes.
- Technology Implementation:
- Proven Bank will implement Fenergo’s transaction monitoring solution, starting at its Cayman Islands branch, followed by rollouts in St. Lucia and at Proven Wealth in Jamaica.
- Goals of the Initiative:
- The partnership is part of Proven Bank’s broader strategic initiative to enhance digital capabilities and operational efficiency across its offshore banking locations.
- Benefits of Fenergo’s Solution:
- Fenergo’s technology aims to reduce false positives, automate manual AML processes, and focus compliance efforts on higher-risk customers.
- Proven Bank’s Motivation:
- The bank’s decision was driven by increasing regulatory pressures and Fenergo’s reputation for AML expertise and compliance technology.
- Strategic Alignment:
- According to Nikita Kissoon, Proven Bank’s deputy CEO, the collaboration aligns with the bank’s commitment to combating financial crime and adapting to regulatory changes across its locations.
