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Anti-money laundering system launched for Credit Professionals

By CreditMan Thursday, February 16, 2017

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. The software platform enables Credit Professionals 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 Credit 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 Credit Professionals who struggle to tailor legacy systems or keep up with manual process.

Encompass Confirm, the new KYC platform for AML/CTF compliance is fully automated and can be tailored to the Credit Professionals’ specific regulatory and risk criteria. Fully tried and tested, this new system for KYC instantly aggregates and cross-refers 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 is more than 10 times faster than current systems and can cut manual costs by as much as 80%. Being automated, it also provides 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, Credit 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.”

About Encompass Corporation
A leading RegTech company, Encompass Corporation develops technology to automate Know Your Customer (KYC) policies and ensure adherence to Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF) regulations in financial, legal and accounting businesses. With Encompass’ market leading technology, KYC checks and onboarding processes can be completed more than 10 times faster and with far lower costs and error rates than manual processes through the use of web based technology, providing a full audit trail and removing the risk of human oversight. Founded in Australia in 2012, Encompass launched in the UK in 2015 and now employs more than 50 staff, including more than 30 staff in the UK. It uses real time data from 12 information providers including Experian, C6i, BvD, Thomson Reuters World-Check and Companies House. Encompass serves more than 200 firms who rely on its products to automate and manage AML/CTF risk and compliance while enabling growth through informed and timely business decisions.

For more information, please visit www.encompasscorporation.com