Encompass launches a fully automated Anti-Money Laundering system for banks

Encompass launches a fully automated Anti-Money Laundering system for banks
01.02.2017 12:00 pm

Encompass launches a fully automated Anti-Money Laundering system for banks

Security , AML and KYC

A fully automated Know Your Customer (KYC) solution for achieving superior Anti-Money Laundering (AML) and Counter Terrorism Finance (CTF) compliance has been launched by Encompass Corporation. The software platform enables banks to meet the increasingly demanding regulatory requirements of The European Union’s Fourth Anti-Money Laundering Directive, which comes into force on the 26 June 2017.

The 4th AML Directive includes fundamental changes to the existing procedures, which will impact banks. Changes to Customer Due Diligence (CDD), the requirement for a central register for beneficial owners, a focus on risk assessments, and the new rules for politically exposed persons (PEPs) within the UK, all present a challenge for banks who struggle to tailor legacy systems or keep up with manual process.

Encompass Confirm, the new KYC platform for AML/CTF compliance is fully automated and can be tailored to the banks specific regulatory and risk criteria.  Fully tried and tested with Uncover, Encompass’ product for restructuring and insolvency practitioners, this new system for KYC instantly aggregates and cross-refers information from 12 data providers in real time including Companies House, Experian, Equifax, The Gazette, Dun & Bradstreet, 192.com, Bureau Van Dijk, Creditsafe, redflagalert, C6 Group, Kyckr and Land Registry.

Trials of the platform have shown that on average using Encompass Confirm is 13 times faster than current systems and can cut manual costs by as much as 80%.   Being automated, it also provides a full audit trail including an instant view of beneficial ownership and control, both key parts of the anti-money laundering compliance requirements.

Wayne Johnson, CEO from Encompass said: “The fourth Anti-Money Laundering Directive adds both an extra layer of complexity, and requirement for greater clarity of process and auditing including maintaining accurate and current information on beneficial ownership.  It’s something a lot of businesses are struggling to prepare for. By automating the process, [building societies] can reduce the risks of failure to comply and also vastly improve efficiency, both at the point of need and, crucially, as and when the information needs to be updated or interrogated in the future.”

Related News

The Derivatives Service Bureau reveals significant appetite for further data and cybersecurity analysis

The Derivatives Service Bureau (DSB), founded by the Association of National Numbering Agencies (ANNA) to facilitate the allocation and maintenance of International Securities... Read more »

Drawbridge Partners Announced the Launch of DrawbridgeConnect™ Platform

Drawbridge Partners, a premier cybersecurity services firm specializing in the needs of hedge fund and private... Read more »

NTT reveals lack of strategic ownership is stalling digital transformation plans

According to ... Read more »

Serious security issue in F5’s BIG-IP could lead to cyber breaches en masse

Cyber security provider F-Secure is advising organizations using F5 Networks’ BIG-IP load balancer, which is popular amongst governments, banks, and other large corporations,... Read more »

Ping Identity, Utilized by Many of the CMA 9, Passes FAPI Conformance Test as UK Open Banking Adoption Grows

Ping Identity, the leader in Identity Defined Security, today announced its successful completion of the Financial-... Read more »

MAS Issues New Rules to Strengthen Cyber Resilience of Financial Industry

The Monetary Authority of Singapore (MAS) today issued a set of legally binding requirements to raise the cyber security standards and strengthen cyber resilience of the... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel