AML First Abu Dhabi Bank Fenergo
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First Abu Dhabi Bank Integrates Fenergo CLM Solution to Enhance Client Onboarding and AML Compliance

UAE-based bank, First Abu Dhabi Bank, has integrated a client lifecycle management (CLM) solution from Fenergo, the Know Your Customer (KYC), CLM and transaction monitoring digital solutions provider.

By leveraging the Fenergo software-as-a-solution solution, First Abu Dhabi Bank hopes to speed up client onboarding and enhance its anti-money laundering (AML) compliance processes.

First Abu Dhabi Bank could start onboarding new small to medium-sized business (SMB) clients within six months of implementing Fenergo’s API and configuration-first solution. The bank plans to roll out the platform to support corporate and institutional clients in the near future.

Fenergo explained it plans to help First Abu Dhabi Bank to deliver end-to-end digital client onboarding and risk assessment for sanctions, AML and KYC. This will enable First Abu Dhabi Bank to straight-through-process its low-risk customers, enhancing onboarding efficiency and minimising costs.

By deploying Fenergo’s SaaS CLM solution, powered by Amazon Web Services (AWS), First Abu Dhabi Bank will also 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 should 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 First Abu Dhabi Bank to stay up to date with the developing needs and expectations of its customers. This ability to offer customers a better client experience was a crucial factor behind the bank’s decision to deploy Fenergo, it explained.

First Abu Dhabi Bank 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, First Abu Dhabi Bank provides a comprehensive range of financial products and services to serve the diverse and growing needs of its clients.

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