SMBC Americas deploys Fenergo AI for KYC, AML compliance

Banking giant SMBC Americas is deploying AI solutions from fintech Fenergo to streamline KYC, AML and client lifecycle management at the $2.1 trillion bank. The deployment comes as part of a multiyear transformation aimed at “simplifying the technology infrastructure and removing manual processes,” SMBC Americas Chief Operating Officer Greg Keeley stated in a Jan. 7 release. Financial institutions are seeing up to 80% reductions in manual review times for KYC and AML compliance with the fintech’s AI solution, according to Fenergo. The compliance service provider is also helping banks achieve up to 70% faster client onboarding and 50% fewer KYC remediation cycles by “automating data extraction, client verification and risk scoring,” Fenergo Director of Thought Leadership Tracy Moore told FinAi News . “AI-driven insights also enhance risk detection accuracy, helping institutions identify potential AML issues earlier and with greater precision,” she said. Fenergo’s clients include: Truist; CIBC; CommonwealthBank; Bank ABC; NAB; and Mizuho Financial Group . Read more on Fenergo leadership here. Fenergo is not the only fintech addressing growing demand for AI-driven compliance solutions in financial services. Digital solutions provider HGS today launched AMLens, an AML tool it says can reduce case-analysis time by up to 75%, according to a company release. Fintech Droit also recently launched a generative AI tool to enhance compliance decision-making. Limiting disruption Fenergo develops its platform internally and works with Amazon Web Services to power its AI tools securely and at scale, “ensuring financial institutions benefit from the latest advancements in cloud and machine learning technology,” Moore said. “Our AI is delivered through Fenergo’s cloud-based SaaS platform, with flexible API integration so institutions can easily connect it to their existing systems." — Tracy Moore, Fenergo “Our approach to AI is built with strong governance and transparency, giving financial institutions full oversight and control over how AI-driven insights are used in KYC, onboarding and compliance processes," she said. It typically takes between six to 12 weeks for the compliance tool to be fully integrated in banking operations, although it varies based on the size of the institution, Moore said. To minimize disruptions during the implementation phase, Fenergo works “hand-in-hand” with each institution to design the right operating model for their specific needs, she said. “We also reduce friction through open APIs, guided onboarding and AI-driven automation, which simplify integration, data migration and process setup,” she said. Gen AI for compliance ops The global market for generative AI in financial services is projected to more than double to $5.1 billion in 2029 from $1.9 billion in 2025, according to the Business Research Company , citing compliance-solutions demand as a key growth driver. Fenergo uses gen AI for specific areas in its platform to enhance efficiency and decision-making, Moore said. “For example, generative AI helps automate document summarization, data extraction and the generation of risk narratives or client due diligence summaries, all underpinned by strong governance and human oversight." — Tracy Moore, Fenergo While gen AI presents significant opportunities to bolster KYC workflows, there are several associated risks, according to credit analysis and financial solutions provider Moody’s, including: Hallucinations in text generation; Regulatory variance by state or country; and Algorithmic bias. Thus, FIs must use trusted KYC databases for machine learning, integrate global data, maintain human oversight and update systems as needed, according to Moody’s. Many financial institutions including Ally Financial, Grasshopper, University of Michigan Credit Union and TD are deploying gen AI tech to fight money laundering and KYC processes, according to FinAi News’ prior reporting. Register here by Jan. 16 for early bird pricing for the inaugural FinAi Banking Summit, taking place March 2-3 in Denver. View the full event agenda here .

SMBC Americas deploys Fenergo AI for KYC, AML compliance

Market for gen AI in financial services could surpass $5B by 2029

TD Bank Head of Analytics, Intelligence, AI Ted Paris to speak at FinAi Banking Summit

99% of BNY employees have AI access

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SMBC Americas deploys Fenergo AI for KYC, AML compliance

Market for gen AI in financial services could surpass $5B by 2029

TD Bank Head of Analytics, Intelligence, AI Ted Paris to speak at FinAi Banking Summit

99% of BNY employees have AI access

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