Identifying and reducing risk through enhanced due diligence (EDD)
Money laundering regulation requires that enhanced due diligence (EDD) is carried out when standard customer due diligence (CDD) identifies a high-risk customer or situation. This includes collecting and verifying substantially more information on a customer from a wide range of trusted and independent sources. This can lengthen the customer onboarding process, leading to poor customer experience.
Compromising on EDD quality exposes organizations to regulatory and reputation risks
Encompass provides KYC on demand, powered by intelligent process automation, and global data coverage to streamline the EDD process for regulated firms.
Key benefits of our enhanced due diligence solutions
Efficiently source additional information from trusted and independent sources
Encompass has existing integrations in place with an unrivalled range of global public and premium data sources, including corporate registers, PEP and sanctions databases, adverse media and electronic identity verification providers. This global coverage provides KYC analysts with instant access to critical information for enhanced customer due diligence, saving significant time and cost.
Enhance and standardize EDD processes
Encompass’ dynamic KYC process automation has been consistently proven to return more complete KYC information than current processes relied on by regulated firms. In a Proof of Value exercise with a leading bank, Encompass identified 40% more ownership and control relationships than the bank analysts, using their existing process.
KYC automation standardizes processes to ensure a consistent, robust and repeatable approach to EDD, based on an organization’s policies and risk-based approach.
Uncover potential new sources of revenue
Encompass unwraps corporate ownership structures when performing KYC on a company. This information is critical to enhanced due diligence and KYC but is also immensely valuable in uncovering potential new sources of revenue – from either new customers or previously unknown entities and subsidiaries within existing customers.
The Encompass API integrates seamlessly with CLMs and CRMs providing revenue-generating teams with seamless access to a wealth of data and maximizing the value of EDD.
How Encompass improves enhanced customer due diligence
Learn where Encompass can help your organization
Discover further product features
Dynamic KYC process automation
Discover corporate digital identity from Encompass