Reduce risk and increase efficiency with perpetual KYC
Maintaining an accurate view of a customer and mitigating risk is essential to safeguard against financial crime. However, periodic refresh cycles and remediation workloads are unmanageable, resulting in an unknown exposure to risk.
Organizations are moving towards an event-driven approach to performing KYC. Perpetual KYC (pKYC) involves monitoring for changes and investigating alerts from a wide range of channels, from internal systems to transaction monitoring and sanctions screening. When an alert requires further review Encompass refreshes the CDI profile, providing real-time information for material risk assessment. This improves compliance by enabling KYC to be prioritized on customers where their risk profile has changed.
It is a journey to get to pKYC that offers incremental gains. A complete digital KYC profile built by Encompass at onboarding provides the foundation that increases efficiency of refresh and remediation by removing the need for KYC to start again.
Benefits of perpetual KYC (pKYC)
Futureproof KYC due diligence needs
Encompass streamlines the manual KYC data collation process with dynamic KYC process automation, through a single platform. This creates a complete CDI profile of the most current public and premium data and documents available, ready to refresh and review when future due diligence is needed.
Minimize risk exposure and maintain ongoing compliance
Refreshing digital KYC profiles with Encompass enables higher risk customers to be reviewed more frequently. pKYC reduces the time lag between KYC reviews and potential risk exposure of undetected and uninvestigated changes. Every action taken is recorded in a dynamic audit trail for demonstrable compliance.
Increase efficiency
Deploying Encompass across the entire KYC lifecycle reduces the need to outsource work and removes unnecessary duplicated KYC due diligence. Lower risks can be straight through processed (STP) and a prioritized investigation workflow provided for KYC analysts.
Why choose Encompass for pKYC and continuous compliance?
Discover corporate digital identity from Encompass