encompass, the only provider of simultaneous, real-time access to multiple sources of global company and person data, today announced a new partnership with The Wanda Credit Service, a subsidiary of Wanda Group (Wanda), a conglomerate of commercial management, culture, real estate and finance.
China’s position as a global financial superpower has led to the increased enforcement of financial crime laws. To protect themselves, regulated firms operating in the country, both local and international, must enhance the quality of their Know Your Customer (KYC) efforts. However, accessing the news and information needed to assess customer risk has traditionally been difficult in China. The new partnership between Wanda and encompass enables firms to easily verify consumer and business information based on Wanda’s registry, company and consumer data through the encompass platform.
According to encompass Managing Director, Paul Charmatz, “The key to robust and effective Know Your Customer is having access to the right data at the right point in the KYC process. encompass uses advanced technology to automate information and news discovery across all of the sources our customers require, and by integrating Wanda’s high-quality verification services on Chinese entities and individuals into our platform, we have significantly eased the regulatory burden for our customers.”
“Using technology to drive efficiency in regulatory compliance and customer onboarding is top of mind for our customers, and by integrating our data with the encompass automated KYC solution we can support this requirement for innovation,” commented, Jerry Ying, General Manager at The Wanda Credit Services.