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Encompass wins Aite-Novarica Group AML Impact Award for Best Know Your Customer/Business (KYC/KYB) Innovation

By Cheri Burns | August 15th 2022
Encompass Wins Aite-Novarica Group AML Impact Award Best KYC Innovation | Encompass company news

Encompass Corporation, the provider of the leading Know Your Customer (KYC) automation platform, today announced that Aite-Novarica Group, a global advisory firm providing mission-critical insights on technology, regulations, strategy and operations to the financial services industry, has recognized Encompass as the winner of the 2022 Fraud & AML Impact Awards’ Best Know Your Customer/Business (KYC/KYB) Innovation.

ANG Impact Awards 2022 | Encompass | Best Know Your Customer/Business (KYC/KYB) InnovationThe award recognizes Encompass for its ability to combine unrivaled data sources, technology and expertise to supercharge corporate KYC due diligence with automation.

Allowing financial institutions to unwrap and uncover corporate structures and ultimate beneficial ownership in minutes, Encompass transforms Anti-Money Laundering (AML) compliance and gives institutions the ability to enhance customer onboarding and respond to regulatory changes with greater speed and accuracy.

Alex Ford (President, North America, Encompass) said:

By automating the KYC process, financial institutions can pursue aggressive growth agendas and scale while avoiding additional compliance costs. Our platform is used by banks across the globe to significantly improve the onboarding experience of their clients while also future-proofing technology and processes. We’re grateful to be recognized by Aite-Novarica Group for our innovative approach, which brings speed, accuracy and control. 

With real-time access to global public and premium data sources, Encompass’ platform gives financial institutions the ability to search entities and receive a digital KYC profile within minutes. With Encompass, financial institutions can ensure a consistent KYC process every time, including:

  • Search based on pre-defined policy using only bank-approved sources
  • Mapping of ultimate beneficial ownership and corporate hierarchy
  • Screening of entities for PEPs, sanctions and adverse media
  • Cross-checking documents, matching and merging data
  • Automatic creation of a complete audit trail in real time

According to Aite-Novarica Group, winners were selected by a global panel of both internal and independent experts on fraud and AML. Encompass will be presented with the AML Impact Award at the fifth annual Financial Crime Forum, taking place from September 18-19, 2022 in Charlotte, NC.

 

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