Historically, the processes for gathering anti-money laundering (AML) and Know Your Customer (KYC) data have been largely manual, making them costly, time-consuming and unreliable, with resulting records still reflecting outdated or incomplete information. As criminal threats continue to drive increasingly stringent regulation, financial institutions have been electing to terminate business relationships to reduce their exposure to regulatory risk.
Helping firms to gain efficiency and certainty in their KYC processes, encompass has developed an innovative solution that uses advanced intelligent process automation (IPA) and artificial intelligence (AI) to gather and analyse data from over 100 data sources to build comprehensive KYC profiles for onboarding, event-driven refresh and remediation.
With encompass technology, firms can automatically map out complete corporate ownership structures, discover beneficial owners and their relationships, screen relevant entities and individuals for PEP (politically exposed persons) and sanctions risk, identify adverse media, and verify identities electronically – all in a matter of minutes. The improved quality and richness of KYC information enables faster and more informed decisions, reducing onboarding times to just four minutes and providing a high level of confidence that AML and KYC requirements are being met, noted one judge.
The technology also helps financial institutions to reduce costs and eliminate repetitive, manual tasks, allowing compliance teams to focus on the output, rather than spending time and effort on manually gathering data. More than 350 firms currently use encompass technology, including some of the largest banks, cryptocurrency exchanges, asset managers and law firms.
The inaugural Regulation Asia Awards for Excellence recognises technology companies, legal and consulting firms, and exchanges that have shaped the regulatory landscape in Asia Pacific, as well as outstanding technology projects both in mature and emerging markets by large tech firms and innovative startups that help meet the requirements of a specific regulatory change infrastructure.
For a full list of award winners, visit regulationasia.com/awards.
Regulation Asia is the leading source for actionable regulatory intelligence for Asia Pacific markets. Since 2013, their audience and subscription base have grown to include regulatory bodies, exchanges, banks, asset managers and service providers, allowing them to play a key role in the regulatory agenda.
Founded in 2012 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.
Contact us today to arrange your personalised consultation of encompass. Discover how our KYC automation software can help your business accelerate onboarding and give you peace of mind that you are regulator ready.