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.
Encompass provides KYC on demand, powered by intelligent process automation, and global data coverage to streamline the EDD process for regulated firms.
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 EDD, saving significant time and cost.
Encompass’ intelligent 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 standardises processes to ensure a consistent, robust and repeatable approach to EDD, based on an organisation’s policies and risk-based approach.
Encompass unwraps corporate ownership structures when performing KYC on a company. This information is critical to KYC and EDD 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 maximising the value of EDD.
Encompass automates document and data collection, analysis and integration from public and premium sources for fast and effective EDD data gathering, based on an organisation’s existing policies.
Seamless access to global corporate registries and electronic identity verification allows Encompass to automatically verify information supplied by the customer.
Encompass automatically discovers UBOs to the thresholds dictated by an organisation’s AML/CTF policies for a truly risk-based approach. Encompass performs UBO discovery in minutes, not hours.
Encompass seamlessly screens individuals and entities against an organisation’s preferred suppliers of PEP, sanctions and adverse media data.
According to an organisation’s risk-based approach, Encompass continuously monitors KYC profiles for material changes that may trigger the need for KYC remediation.