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Fenergo, an Irish cloud-based financial software specialist, recently acquired Sentinels. Sentinels operates in the Netherlands and specializes in fintech transactions. The acquisition allows Sentinels to grow and meet customer expectations.

Sentinels’ platform detects and stops criminal transactions. Financial institutions use the platform to detect money laundering by rogue customers. The cloud-based solution uses a combination of adaptable business rules, machine learning and network analysis. According to the fintech specialist, this methodology increases the accuracy of behavioural customer risk profiles and the detection of financial crime.

Fenergo and Sentinels

Fenergo is acquiring Sentinels. According to Fenergo, Sentinels’ technology is a great addition to its own portfolio of client lifecycle management software. The combination should help customers to solve compliance and operational challenges faced by financial institutions. Customers can more easily onboard new clients while complying with all anti-money laundering laws and regulations.

For Sentinels, the acquisition offers the opportunity to further expand its activities worldwide. It will also make it easier for the fintech specialist to scale up. Finally, the acquisition allows Sentinels to better meet the requirements that large financial institutions place on anti-money laundering solutions.

Tip: Pegasystems moves to ISO 20022, the new financial data standard