Automating due diligence processes

To mitigate the potential risks in correspondent banking relationships, CDD, and EDD, where necessary, must be consistently carried out to the highest quality.

Gaining the full picture of a respondent institution’s business, including beneficial ownership and any adverse media, is critical in the global fight against financial crime, as well as for reducing regulatory risk.

Encompass’ KYC automation is trusted by leading global banks to standardise and enhance the quality and efficiency of their due diligence processes.

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Automating the due diligence process in the banking industry

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Identify and verify beneficial ownership

Using intelligent process automation, Encompass provides KYC on demand from global public and premium data sources. The Encompass platform dynamically unwraps corporate ownership structures to identify and verify the beneficial ownership and control of a respondent institution, as well as flagging any PEPs or sanctioned entities, using a bank’s choice of reliable and independent sources. The full picture provided by Encompass forms a solid foundation for subsequent due diligence activities.

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Seamlessly screen for regulatory risk and adverse media

Encompass’ automated KYC solution seamlessly screens relevant individuals and entities against a bank’s favoured screening and adverse providers. This quickly uncovers any adverse media, such as any regulatory actions, that may trigger enhanced due diligence.

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Ongoing monitoring of the respondent institution

Our software monitors target entities and individuals for changes to PEP and sanctions status, against a bank’s choice of provider, for ongoing protection from regulatory risk.

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Efficient and cost-effective KYC remediation

Encompass can support periodical reviews and KYC refresh on respondent institutions via a simple batch loading functionality.

Why choose Encompass for correspondent banking CDD?

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Automate and streamline due diligence on respondents

Encompass automates document and data collection, analysis and integration from public and premium sources for fast and effective data gathering, based on an organisation’s existing policies.

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Quickly verify a respondent’s information and identity

Seamless access to global corporate registries and electronic identity verification allows Encompass to automatically verify information supplied by the respondent institution.

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Discover ultimate beneficial owners

Encompass automatically identifies and verifies UBOs to the thresholds dictated by an organisation’s AML/CTF policies for a truly risk-based approach.

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Automatically screen for regulatory and reputational risk

Encompass seamlessly screens individuals and entities against a bank’s preferred suppliers of PEP, sanctions and adverse media data.

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Monitor for changes in respondent risk profiles

According to a bank’s risk-based approach, Encompass continuously monitors KYC profiles for material changes that may trigger the need for KYC remediation.

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Dynamic creation of a full audit trail

Encompass dynamically generates a regulator-ready audit trail for demonstrable compliance.

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