Irish RegTech unicorn Fenergo has acquired Sentinels, an anti-money laundering (AML) transaction monitoring specialist using artificial intelligence.

Sentinels’ technology is purpose-designed to detect and eliminate criminal transactions “fast and at scale”, it says.

Fenergo is a provider of know your customer (KYC) and client lifecycle management (CLM) solutions.

The acquisition, for an undisclosed amount, aims to strengthen Fenergo’s ability to deliver SaaS-based CLM with smart transaction monitoring to financial institutions, the company said.

Fenergo’s clients will now be able to combine KYC profiles with client behavioural data for tighter and continuous monitoring.

The acquisition will also enable Sentinels to “scale rapidly, increase its global footprint and bolster its ability to serve larger financial institutions”, added Fenergo.

“By adding transaction compliance to our existing client onboarding and product origination solutions, financial institutions can monitor and review client behaviour and identify risks on an ongoing basis,” said Marc Murphy, chief executive of Fenergo. “This blended approach to financial crime makes us perfectly placed to address the rising compliance challenges faced by financial firms more efficiently.”

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