Dublin & London – Fenergo, the leading provider of digital solutions for Know Your Customer (KYC), Transaction Monitoring and Client Lifecycle Management (CLM), announces today that First Abu Dhabi Bank (FAB) the largest bank in the United Arab Emirates (UAE), has integrated Fenergo’s software-as-a-solution (SaaS) CLM solution to speed up client onboarding and enhance its anti-money laundering (AML) compliance processes.

FAB could start onboarding new small to medium-sized business (SMB) clients within six months of implementing Fenergo’s API and configuration-first solution. In the coming months, FAB will roll out the platform to support corporate and institutional clients.

Fenergo will enable FAB to deliver end-to-end digital client onboarding and risk assessment for sanctions, AML and KYC. This will allow FAB to straight-through-process its low-risk customers, enhancing onboarding efficiency and minimising costs. By deploying Fenergo’s CLM solution, FAB will gain a holistic view across every stage of the client’s life cycle, from initial client onboarding, regulatory compliance and maintenance and off-boarding. This will help the bank reduce silos, increase transparency and ensure greater cross functionality between technology, data and operations teams.

Beyond delivering greater operational efficiency and regulatory certainty for the bank, Fenergo’s SaaS solution will enable FAB to stay abreast of the developing needs and expectations of customers. This will empower it to provide customers with a best-in-class client experience — a primary factor behind FAB’s decision to deploy Fenergo.

FAB is one of the most prominent financial institutions in the UAE, recognised for its commitment to providing outstanding customer service. As the preeminent bank in the country, FAB provides a comprehensive range of financial products and services to serve the diverse and growing needs of its clients.

Fenergo’s SaaS CLM is powered by Amazon Web Services (AWS).

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About Fenergo:

Fenergo is the leading provider of Client Lifecycle Management (CLM) solutions that digitally transform how financial institutions, asset management, fintechs and corporates onboard and manage clients throughout their 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 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 KYC, Anti-Money-Laundering (AML), Environment Social and Governance (ESG), tax and prudential regulations across 120+ jurisdictions. Headquartered in Dublin, Ireland, Fenergo has offices in North America, the UK, Poland, Spain, South Africa, Asia Pacific, and the United Arab Emirates.

For further information about Fenergo, please visit: www.fenergo.com

About First Abu Dhabi Bank:

Headquartered in Abu Dhabi with a strategic global footprint across 20 markets, FAB is the finance and trade gateway to the Middle East and North Africa region (MENA). With total assets of AED 1.2 trillion (USD 323 billion), FAB is among the top 50 banks globally by market capitalisation and one of the world’s largest banking groups. The bank provides financial expertise to its wholesale and retail client franchise across four business units: Investment Banking, Corporate and Commercial Banking, Consumer Banking, and Global Private Banking. FAB is listed on the Abu Dhabi Securities Exchange (ADX) and rated Aa3/AA-/AA- by Moody’s, S&P and Fitch, respectively, with a stable outlook. On sustainability, FAB holds an MSCI rating of ‘A’, also ranked among the top 10% of banks globally by Refinitiv’s ESG Scores and the best performer in the MENA region.

For further information, visit: www.bankfab.com