Regulatory technology provider Encompass has unveiled a fully automated Know Your Customer (KYC) solution for banks and financial institutions to facilitate compliance with Anti-Money Laundering (AML) and Counter Terrorism Finance (CTF).

The software platform enables financial professionals to meet the increasingly demanding regulatory requirements of the European Union’s Fourth Anti-Money Laundering Directive, which must be implemented by 26 June 2017.

The 4th AML Directive includes fundamental changes to the existing procedures, which will impact legal 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 financial professionals who struggle to tailor legacy systems or keep up with manual process.

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Encompass launches a fully automated Anti-Money Laundering system for banks

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 banks to meet the increasingly demanding regulatory requirements of The European Union's Fourth Anti-Money Laundering Directive, which comes into force on the 26 June 2017.

about encompass

Founded in 2011 by entrepreneurs Roger Carson and Wayne Johnson, and