Whitepaper Delivering the future of KYC begins with the needs of the firm
The Board has been assembled to give insight to the wider community of buyers, regulators, and innovators on their respective pKYC journeys.
Using perpetual KYC to streamline onboarding and maintain compliance
Maintaining an accurate view of a customer and understanding your current risk exposure is essential to safeguard against financial crime. Organizations 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 of customers.
Encompass streamlines customer onboarding, event-driven KYC and KYC refresh due diligence to minimize risk and maintain AML compliance. Encompass 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.
Benefits of perpetual KYC (pKYC)
1
Futureproof KYC due diligence needs
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.
2
Minimize risk exposure and maintain ongoing compliance
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.
3
Increase efficiency
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 prioritized investigation workflow provided for KYC analysts.
Why choose Encompass for pKYC and continuous compliance?
Reduce risks with KYC process automation
Follow the same process for all your due diligence investigations and consistently apply controls, every time with Encompass. Automate your manual KYC analyst process, reducing manual input and repeat work.
Scalable to support future growth and KYC remediation needs
Retrieve and integrate data from your chosen global public and premium providers when needed with a single integration to Encompass.
Improve customer experience
With a single view of the customer and unrivalled KYC data connections, Encompass provides more accurate due diligence and reduces outreach across the client lifecycle. This speeds up onboarding and subsequent KYC due diligence.
Creation of digital KYC profile
Encompass creates a digital KYC profile of data and documents for customers every time, complete with a comprehensive audit trail of every action taken for demonstrable compliance across the client lifecycle.
Whitepaper