Encompass Corporation has launched a fully automated AML and CTF solution for the financial services sector.
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.
Wayne Johnson, CEO from Encompass said: “The European Union Fourth Anti-Money Laundering Directive adds both an extra layer of complexity, and requirement for greater clarity of process and auditing including maintaining accurate and current information on beneficial ownership. It’s something a lot of businesses are struggling to prepare for. By automating the process, professionals can reduce the risks of failure to comply and also vastly improve efficiency, both at the point of need and, crucially, as and when the information needs to be updated or interrogated in the future.”
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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.
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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