With the rise in regulations affecting Customer Due Diligence, including the recent 2017 Money Laundering Regulations, there has been an increase in focus on Know Your Customer (KYC) policies for professional and financial services firms.
Wayne Johnson, Encompass CEO and Co-Founder, was interviewed by leading business publication Corporate Vision to discuss how Encompass uses leading-edge technology and access to a range of data suppliers to ensure firms spanning legal, accountancy and financial services can automate their KYC policies, ensuring adherence to Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF) regulations.
As Johnson explains in the interview, “KYC and customer due diligence are costing financial firms an average of £47 million, and the demand for more comprehensive and easier-to-use solutions is growing.” With increased regulations comes increased costs, and where Encompass can assist firms is in the automation and digitisation of the onboarding process.
Encompass customers have found that their customer onboarding can be completed up to to ten times faster using Encompass products than using manual onboarding. Encompass further reduces the risk of human oversight while also producing an automated audit trail that can be checked and verified.
Encompass’ vision is a world where business people can truly know their customer at the click of a button. “We’re constantly evolving to meet new regulatory demands and the ever-increasing complexity of understanding company structures and beneficial ownership across borders,” states Johnson.
Encompass uses 12 different information providers (a list which continues to grow) to ensure that customers always have the full picture available to them during the customer onboarding stage. Encompass are also data agnostic, providing assurance that the information will always be pertinent, relevant and without bias. This means that information regarding PEPs, Ultimate Beneficial Owner, adverse media, AML data and sanctions can all be pulled together and overlaid into a single profile.
Looking forward, Johnson predicts that for many industries, including professional and financial services, the focus that is currently seen on KYC and AML/CTF regulations will only continue to get stricter and more complex:
“With regards to the wider industry, we forecast that regulations around Anti-Money Laundering and Counter Terrorism Financing will continue to be a focus for governments across Europe and globally. To date, these regulations have been getting stricter on those who are found to be in breach of these rules.”
Read the full story in Corporate Vision magazine:
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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