Banks in the APAC region face heightened regulatory scrutiny and have to maintain compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. This requires them to focus on the quantity and quality of the information used to onboard and maintain business relationships with customers. The need to access the right customer information has become more important with the rise of outbound financial investments by Chinese companies.
Many firms and high net worth individuals in China now seek to avail financial services outside of the country, specifically in Hong Kong. “To gain from these dynamics, banks and financial institutions must obtain the right data—ranging from local registries and premium company data to electronic identity information—that makes them understand a customer and identify any potential regulatory and reputational risks,” elaborates David Williams, sales director - APAC, at encompass corporation.
Glasgow-based encompass corporation simplifies this process for banks with its robust KYC compliance and documentation platform, powered by intelligent process automation (IPA), which allows them to gather information from multiple data sources cost-effectively. This system presents results 80 percent faster than manual methods and compiles the collected data into a single entity view.
It equips KYC analysts with a detailed picture of the customer’s business along with ensuring consistency and accuracy when it comes to giving the full picture through individual client profiles.
encompass corporation offers flexible solutions and deployment strategies to enhance the existing infrastructure of banks and streamline their operations
encompass corporation also offers flexible solutions and deployment strategies to enhance the existing infrastructure of banks and streamline their operations. Considering the fact that several banks have legacy infrastructure and processes in place, these solutions prove significant for them as they eliminate the need for wholesale changes or any significant IT support. “With our AI technology, we automate, improve, and eliminate the need for the manual execution of banking processes, data sourcing, client profile management, and bolsters security,” explains Williams. Additionally, the firm’s AI solution prioritizes the most relevant client information via electronic identity verification, screening for politically exposed persons (PEPs), and ultimate beneficial ownership (UBO) discovery capabilities, ensuring that analysts work more productively and securely.
The following anecdote—which focuses on when encompass corporation carried out a value exercise with a leading Australian bank—best illustrates the effectiveness of its SaaS solution. In this instance, the firm automated the UBO discovery process for the bank, enabling users to consistently unwrap global corporate structures more comprehensively than when using the bank’s existing processes. The procedure was completed six times faster than the usual manual methods. The platform also discovered corporate structure in the Cayman Islands, which was useful for the client’s staff and higher-ups.
With the rise in AML enforcement worldwide and increasingly stringent compliance regulations, combating financial crime is becoming a priority. “In such a scenario, it is imperative that we continue delivering our services for banks to leverage and bolster their KYC, AML, and compliance processes,” states Williams. Offering financial, IT, and AI expertise to the finance, banking, and legal industries, encompass corporation views 2019 to be a year of unimpeded growth in sales, distribution, and data partnerships across the APAC region.
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encompass' Analysis on AML Penalties Positions 2019 to be the Biggest Year in Terms of Fines Handed Out by Regulators
FREMONT, CA: The need to access the right customer information is more critical with the rise of outbound financial investments by the companies. The heightened regulatory scrutiny forces banks to maintain compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. One of the top banking tech solution provider, encompass corporation untangles this process for banks with by turning the agreement into a competitive advantage. It recently performed an analysis of Anti-Money Laundering (AML) related penalties that have been handed down between the years 2002 and 2019, with a particular focus on 2018 and 2019 that shows 2019 set to be the year yet in terms of the value of fines handed out by regulators. Read More
encompass Corporation Expands Product Offering with New Global Identify Verification Feature
encompass corporation (“encompass”), a fast-growing global provider of intelligently automated Know Your Customer (KYC) solutions, is pleased to announce that it now offers global biometric identify verification (IDV) and document authentication on its platform.
encompass has integrated with global electronic identity verification providers to enable customers to fully automate IDV as part of their overall onboarding and KYC processes. Advanced imaging algorithms allow users to authenticate an official identity document and conduct biometric checks against a “selfie” of the person being onboarded, in addition to conducting bureau checks for further validation. Bureau searches are carried out globally, using a customer’s preferred sources.
The capability enables encompass customers to conduct IDV and risk screening for PEPs (Politically Exposed Persons), Sanctions and Adverse Media in one automated process, against all required sources, in just minutes.
The integration of this additional feature is the latest step in encompass’ mission to provide its customers with all the tools they need for quick, comprehensive KYC in a single solution so that the process can be carried out in-house rather than being outsourced.
Firms can use the encompass automation platform across their entire client base, whether their clients are large corporates, SMEs, sole traders or individuals. By integrating a wide range of biometric and electronic IDV providers into a seamless experience, encompass provides customers with the freedom to use the most appropriate providers in each of the jurisdictions in which they operate, improving straight through processing rates and the customer experience.
Wayne Johnson, CEO and Co-founder at encompass corporation, said: “At encompass, our goal is to transform our customers’ KYC processes through Intelligent Process Automation and AI, and the integration of biometric identify verification into our platform is testament to our commitment to delivering cutting-edge technological solutions. Against the backdrop of an ever increasing and evolving regulatory environment, our ability to adapt our platform to incorporate technologies as and when they become available means our customers can “future proof” their compliance processes.”