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 robotically automates information and news discovery for Know Your Customer (KYC) requirements for onboarding, event-driven refresh and remediation.
Driven by your internal policies and choice of reliable, independent sources, encompass automatically constructs corporate ownership structures, discovers beneficial owners, and in minutes screens relevant entities and persons for regulatory, reputational and financial risk.
Make confident decisions quickly, using encompass’s federated search, incorporating rules and logic, to dynamically build a comprehensive profile from multiple sources, including corporate registries, company and regulatory data, adverse media and identity verification.