A fully automated Know Your Customer (KYC) solution for achieving superior Anti-Money Laundering (AML) and Counter Terrorism Finance (CTF) compliance has been launched by Encompass Corporation. Encompass Confirm for banking and finance and Encompass Verify for legal and accountancy are the first and only web-based solutions that can be instantly deployed to apply automation and visual analytics to more than 12 sources of aggregated KYC data, also creating a built in audit trail .The software enables businesses to meet the increasingly demanding regulatory requirements of The European Union’s Fourth Anti-Money Laundering Directive, which must be implemented by the 26 June 2017.
The 4th AML Directive includes fundamental changes to the existing procedures, which will impact banking, financial, legal and accountancy professionals. Changes to Customer Due Diligence (CDD), the requirement for a central register for beneficial owners, a focus on risk assessments, and the new rules for politically exposed persons (PEPs) within the UK, all present a challenge for companies who struggle to tailor legacy systems or keep up with manual process.
Encompass Confirm and Encompass Verify, the new KYC platforms for AML/CTF compliance, are fully automated and can be tailored to specific regulatory and risk criteria. Fully tried and tested, these new systems for KYC instantly aggregate and cross-refer information from 12 data providers in real time including Thomson Reuters World-Check, GBG ID3global, Trulioo, Companies House, Experian, Equifax, Dun & Bradstreet, 192.com, Bureau Van Dijk, Creditsafe, Red Flag Alert, C6 Group and Kyckr.
Trials of the platform have shown that on average using Encompass Confirm and Encompass Verify is more than 10 times faster than current systems and can cut manual costs by as much as 80%. Being automated, the systems also provide a full audit trail including an instant view of beneficial ownership and control, both key parts of the anti-money laundering regulations.
Wayne Johnson, CEO from Encompass said: “The European Union Fourth Anti-Money Laundering Directive adds both an extra layer of complexity, and requirement for greater clarity of process and auditing including maintaining accurate and current information on beneficial ownership. It’s something a lot of businesses are struggling to prepare for. By automating the process, professionals can reduce the risks of failure to comply and also vastly improve efficiency, both at the point of need and, crucially, as and when the information needs to be updated or interrogated in the future.”