the new know your customer standard
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 20171 – referred to as MLR 2017 – demand that the UK’s legal and professional firms review and amend their client onboarding and case opening processes.
MLR 2017 addresses inconsistencies in the supervisory regime across sectors and aligns Know Your Customer (KYC) requirements of professional services firms with those applying to the finance industry.
This whitepaper investigates challenges faced by legal and professional services firms as they adapt to MLR 2017, covering the current state of KYC processes, and investigates RegTech’s potential to improve their compliance performance and reduce costs. Learn how transforming and automating AML/CTF compliance processes can:
- reduce costs
- accelerate client onboarding
- create proof of compliance
- bring scale to KYC teams
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encompass is the creator of Know Your Customer (KYC) automation for major financial and professional service firms globally. encompass is the only provider of simultaneous real time access to multiple global data sources.
By using robotic search to discover everything your KYC policy demands, encompass facilitates faster and safer regulatory compliance resulting in lower costs and more efficient processes. encompass’ products robotically search structured and unstructured information sources to automate KYC, AML and EDD policies.
They consolidate the collection of multiple data globally creating improvements in the speed of onboarding and remediation. Key elements including UBOs, PEPs, sanctions and negative news are identified, visualised and verified, in seconds, enabling dramatically enhanced decisions.