Fenergo to upgrade KYC processes for Aviva’s asset management and insurance division

Aviva has selected Fenergo to replace its Know Your Customer (KYC), Customer Due Diligence (CDD) and Anti-Money Laundering (AML) systems and services.

Fenergo will work initially with Aviva asset management division, Aviva Investors, followed by its UK Insurance arm, to rapidly onboard all legal entities associated with investors and clients across all jurisdictions, transforming the investor and client onboarding experience. 

Aviva selected Fenergo to deliver an end-to-end solution to streamline the management of multi-jurisdictional KYC, CDD, and AML regulatory processes. Fenergo will create a single client view through a central data repository which will also serve as a golden source for all KYC data. Aviva Investors will be able to easily identify and trace Ultimate Beneficial Owners (UBO) and better understand complex legal entity hierarchies and ownership relationships.

“Aviva Investors has continued to focus heavily on improving our clients’ onboarding process, as we strive to provide the seamless experience that our clients expect and deserve,” said Michelle Calcutt, Head of Client Experience at Aviva.

“Implementing the Fenergo solution will be a great step forward, as it will enable us to make best use of publicly available data and streamline the process further. In reality, this will mean less onerous documentation requests to our clients, resulting in a faster and smoother onboarding experience.”

“In today’s competitive and challenging climate, the asset management industry has recognised the need to digitalise the onboarding process and streamline compliance amid the various regulatory headwinds,” said Kevin O’Neill, Global Head of Asset Management & Asset Servicing at Fenergo.

“In working with Aviva Investors, we also look forward to expanding our services into Aviva Insurance and in time, extending our CLM solution into the global insurance industry,” he added.