Maintaining an accurate view of a customer and understanding your current risk exposure is essential to safeguard against financial crime. Organisations face a huge challenge monitoring for changes and investigating alerts from a wide range of channels, from internal systems to transaction monitoring and sanctions screening, whilst performing regular KYC reviews. This calls for perpetual KYC; automated ongoing monitoring and due diligence for KYC.
Encompass streamlines customer onboarding, event-driven KYC and KYC refresh due diligence to minimise risk and maintain AML compliance. Our perpetual KYC solution automates manual processes and KYC data collation and builds a dynamic digital KYC profile, complete with audit trail, providing the digital baseline to easily review and assess risk when needed.
Encompass automates the manual KYC data collation process with intelligent process automation, through a single platform. Our software creates a digital KYC profile of the most current data and documents available, ready to review when future due diligence is needed.
Automation reduces the manual workload for KYC analysts enabling more regular KYC refresh due diligence and simpler KYC remediation activities. Perpetual KYC reduces the time lag between KYC reviews and potential risk exposure of undetected and uninvestigated changes.
Deploying Encompass across the entire lifecycle reduces the need to outsource work and removes unnecessary duplicated KYC due diligence. Lower risks can be processed quickly and a prioritised investigation workflow provided for KYC analysts.