Encompass launches Anti-Money Laundering system

06 Feb 2017

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 Australian company with a fast growing European HQ in Glasgow's IFSD.

The software platform enables financial services firms to meet the increasingly demanding regulatory requirements of The European Union's Fourth Anti-Money Laundering Directive, which must be implemented by the 26 June 2017.

Alex Ford, VP Marketing & Operations from Encompass said: "AML4 is something a lot of businesses are struggling to prepare for.  An opportunity exists for lawyers, accountants and finance professionals to automate KYC processes in order to reduce the risks of failing to comply, while vastly improving efficiency - both at onboarding and when the information needs to be refreshed during the client life-cycle.  We are proud to have created a system that makes AML/CTF compliance manageable and delivers peace of mind."

Fully tried and tested, this new system instantly aggregates and cross-refers information from 12 data providers in real time. Trials show on average using Encompass Confirm is more than 10 times faster than current systems, cutting manual costs by as much as 80%.

Check out the video at https://www.encompasscorporation.com/confirm/