Encompass meeting legal KYC needs

Manual KYC processes are hampering law firms. Driven by demand, firms are focused on technology initiatives that will improve client experience around service delivery. However, the initial onboarding experience is often overlooked, resulting in long and inefficient processes.

With KYC activities largely carried out face-to-face, demonstrating compliance with increasing KYC and AML requirements can be difficult, exposing firms to regulatory and reputational risk.

Encompass provides KYC on demand, powered by intelligent process automation, helping law firms to meet their core KYC challenges.

Why law firms choose Encompass to meet their KYC needs

We are trusted by leading law firms to improve their KYC processes and deliver the following benefits.

1

Automate the KYC discovery process to onboard clients quickly and efficiently

Encompass automates KYC discovery to streamline the onboarding process and, consequently, significantly improve turnaround times.

In a proof-of-value exercise with the UK operations of an international Law firm, it was demonstrated that, in the time taken to complete one case using the firm’s existing process, Encompass’ automated process could complete more than 60, freeing up fee earners’ time and ultimately powering the path to revenue.

2

Seamlessly unwrap corporate ownership structures to ensure effective regulatory compliance

The Encompass platform automatically collects, analyses and integrates all required KYC data sources to dynamically unwrap corporate ownership structures, discover beneficial owners and identify regulatory and adverse media risk efficiently and effectively.

Eliminating hidden risk means due diligence that previously could take many weeks can be performed in a matter of minutes, and with less client outreach.

3

Improve customer experience to increase loyalty and win business

Law firms will often compete with many other providers when they’re vying for new business, and the ability to show you can offer quick and easy onboarding is paramount.

A swift and smooth onboarding process is vital to not only new but also current relationships – Encompass transforms KYC for Law firms to help them drive better customer experiences.

How Encompass’ KYC tools can help Legal firms

The need for us to have a comprehensive knowledge of our customers when we onboard them is paramount. To that end, it was important that we brought in Encompass with access to global information providers in order that we can satisfy that need.

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Anderson Strathern

About Encompass

Since the launch of Encompass in 2012, we’ve been helping Legal firms fight financial crime and streamline their KYC processes to comply with AML regulations and requirements.

Find out more about what makes us the No.1 platform for automating corporate KYC due diligence

Learn more about our company

Encompass’ KYC software features, use cases and benefits for Legal firms

If you’d like to know more about the transformative impacts Encompass could bring to your Legal firm, explore our range of end-to-end KYC management features, powered by automation.

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