IBM in new financial crime-fighting partnership

IBM has teamed with the Irish company Fenergo on an original equipment manufacturing  agreement focused on financial crime risks.

According to the companies, the new endeavor will combine Fenergo’s client lifecycle management product with IBM’s RegTech portfolio of anti-money laundering and know-your-client solutions. The result is a new artificial intelligence application suite that will address risk and compliance issues while helping to repel digitally-borne financial criminals.

The companies noted that more than $10 billion in global fines were levied on companies and financial institutions last year for failing to comply with anti-money laundering, know-your-client and sanctions regulations.