Combining Artificial Intelligence and traditional data sources will be key to combatting money laundering says Encompass Corporation and ComplyAdvantage who have today announced their partnership during Innovate Finance’s Global Summit 2017 being held at Livery Hall in London.
Encompass Corporation is the creator of unique KYC policy automation software, purpose built for onboarding corporate clients, at scale. They provide pre-built access to more KYC information sources than any other AML/CTF compliance solution, including BvD, Equifax, Creditsafe, Trulioo, GBG, Dun & Bradstreet, and Companies House among others.
ComplyAdvantage is the world’s only provider of AI-driven risk data on individuals, organisations and associated entities that pose a financial crime risk. They monitor tens of thousands of structured and unstructured data sources to provide dynamic real-time insight into risk indicators including sanctions, Politically Exposed Persons (PEPs), watch lists and adverse media.
The partnership between ComplyAdvantage and Encompass enables traditional information sources to be combined with AI-driven risk data, providing a more accurate picture of the activities of these entities.
This allows businesses to better assess financial crime risks and protect their reputation whilst complying with regulations relating to sanctions, anti-money laundering (AML) and counter-terrorist financing (CTF).
“We are thrilled to integrate with fellow RegTech leaders ComplyAdvantage. People and organisations that set out to launder money are normally keen to hide their identity. By using multiple data sources you can find relevant information on an individual or business that indicates financial risks. But, if you enrich this process with information provided by ComplyAdvantage – such as how the person or business is discussed in the media or online – a more comprehensive picture about who they are and what they are doing emerges, providing more accurate risk assessment.”
Charles Delingpole, Founder & CEO of ComplyAdvantage said:
“Criminals are very good at hiding their tracks financially, but often have public face elsewhere. By using the latest technologies, we can provide more accurate, real-time and relevant insight into financial crime risk of an entity you are checking. Combining ComplyAdvantage’s machine learning and AI-driven data with Encompass’ aggregation and automation makes for an ideal match.”
Encompass Corporation and ComplyAdvantage are both members of Innovate Finance and have both been selected to take part in the UK Department of International Trade’s first RegTech Mission to New York from April 24th 2017.
Notes to Editors
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
Or follow us on Twitter: @EncompassCorp
ComplyAdvantage helps firms make intelligent choices when complying with regulations relating to sanctions, money laundering (AML), terrorist financing (CFT), bribery and corruption.
Its unique proprietary database of individuals, organisations and associated entities provides dynamic real-time insight into financial crime risks. Their screening platform helps to safely automate the risk assessment of customers and transactions, and their real-time analytics enable firms to monitor customer activity and spot suspicious behaviours.
ComplyAdvantage uses artificial intelligence, machine learning and big data analytics to help firms not only to manage their compliance and risk obligations but to prevent the occurrence of financial crime.
Founded in 2014 and headquartered in New York and with offices in London, UK and Cluj, Romania ComplyAdvantage works with some 200 firms in the financial markets and other regulated and high-risk sectors.
ComplyAdvantage is a trading name of IVXS UK Ltd.
About Innovate Finance
Innovate Finance is an independent not-for-profit membership association representing the UK’s global FinTech community. Founded in 2014 with the support of the City of London and Canary Wharf Group, Innovate Finance aims to accelerate the UK’s leading position in the global financial services sector by directly supporting the next era of technology-led financial services innovators, from start-ups to institutions.
Founded in 2011 by entrepreneurs Roger Carson and Wayne Johnson, and operating from the UK, encompass is the creator of unique, innovative Know Your Customer (KYC) software for banking, finance, legal and accountancy that enable better, faster commercial decisions. The company is driven by the belief that the best decisions are made when people understand the full picture.
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