automated risk screening for sanctions, PEPs and adverse media
When screening a global customer base for Politically Exposed Persons (PEPs), sanctions and other heightened individuals and entities, access to the right data is critical. Robust Know Your Customer (KYC) processes are needed to identify regulatory risk, while keeping false positives to a minimum. They must also be flexible in order to accommodate regional data requirements.
Encompass has pre-existing integrations to trusted providers of global PEP, sanctions data and adverse media data, and automates screening in line with an organisation’s risk-based approach to simplify and enhance regulatory compliance.
achieve quality with a flexible data approach
Successful PEP and sanctions screening depends on the quality of the data used. However, a patchwork of global regulations and inconsistent PEP definitions often mean that multiple data providers are required for confident compliance globally. This makes KYC processes complex, difficult to follow consistently and almost impossible to audit.
The Encompass API provides seamless access to all required data providers and Encompass automation features without the need to build and maintain multiple data integrations. This significantly helps KYC teams to automate core processes.
comprehensive IDV in a single platform
Existing integrations with a wide range of traditional and innovative identity solution providers allows Encompass customers to quickly and easily perform a range of IDV tasks in one single platform.
implement a risk-based approach
The starting point for effective PEP and sanctions screening is a clear understanding of a customer’s corporate ownership structure and beneficial ownership – a core capability of the Encompass platform. Having unwrapped the ownership structure, Encompass’ Intelligent Process Automation (IPA) will trigger the screening process, using an organisation’s policy requirements and risk based approach to automate the screening of any relevant individuals and entities.
Intelligent automation ensure that relevant parties are always screened against the most appropriate data sets, according to an organisation’s policy and risk based approach. This ensures consistent KYC across an entire customer base.
automated audit trail
Demonstrating compliance to internal and external auditors and, should the need arise, to regulators, is a critical component of any compliance programme. Proving the relevant regulatory risks have been identified, assessed and acted upon can only be done with a detailed and accurate audit trail.
Encompass dynamically constructs a comprehensive digital audit trail of PEP and sanctions screening, including notes and comments on actions taken to aid auditors and investigators.
improve KYC quality
intelligent automation ensures consistent adherence to screening policies and procedures globally
gain full control of KYC
full automation creates a dynamic audit trail, demonstrating screening activities, results and actions to facilitate audits and investigations
reduce the cost of KYC
eradicate valuable hours wasted clearing false positives and focus analysts on higher value activities and complex investigations
improve customer experience
reduce time spent on PEP and sanctions screening for faster onboarding and reduce time to revenue
discover what Encompass can do for you
Ready to learn how Encompass can accelerate your client onboarding and compliance checks?
Fill out the form to request your personalised consultation on how Encompass can help your business.
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