Bringing onboard new clients effectively and at low cost is a business imperative. The problem is how institutions do KYC checks: outdated, sub-optimal business processes hinder flow of information, and put digitisation’s potential to create real economic benefits beyond reach.
This whitepaper identifies activities that are candidates for digitisation and automation and offer a way forward for financial services and other firms looking to improve outcomes for all involved in KYC processing.
About Encompass Corporation
encompass develops technology to automate Know Your Customer (KYC) policies and ensure adherence to processes designed for compliance with Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF) regulations in financial, legal and accounting businesses.
With encompass’ market leading software, KYC checks and onboarding processes can be completed faster, with significantly lower costs and greater accuracy. encompass provides a regulator ready audit trail and reduces the risk of human oversight inherent in manual process.
Founded in Australia in 2012, encompass launched in the UK in 2015 and employs more than 50 staff across their London, Sydney and Glasgow offices. encompass products analyse real time data from 14+ information providers including Thomson Reuters World-Check, Experian, C6i, Bureau van Dijk, Equifax and Companies House.
encompass serves more than 200 firms globally who rely on its products to automate and manage AML/CTF risk and compliance while enabling growth through informed and timely business decisions.