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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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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