Enhanced Due Diligence | EDD for KYC

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.

PEP and Sanctions Screening Services | Enhanced Customer Due Diligence | Corporate Customer Due Diligence (CDD | KYC Automation | Encompass

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.

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Key benefits of our enhanced due diligence solutions

1

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.

2

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.

3

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.

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How Encompass improves enhanced customer due diligence

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Automate and streamline corporate EDD data gathering

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

Quickly verify customer information and identity

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

Discover ultimate beneficial owners

Encompass automatically discovers UBOs to the thresholds dictated by an organization’s AML/CTF policies for a truly risk-based approach. Encompass performs UBO discovery in minutes, not hours.

Automatically screen for regulatory and reputational risk

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

Monitor for changes in customer risk profiles

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

Dynamic creation of a full audit trail

Encompass dynamically generates a regulator-ready audit trail for demonstrable compliance, and digital KYC profiles ensure immediate access can be provided to auditors and regulators should the need arise.