Transforming KYC compliance through process automation
18 January 2017
Wayne Johnson, Co-Founder and CEO, and Roger Carson, Co-Founder and Global Sales Leader, Encompass
Getting to know your customer (KYC) compliance right is not optional. Failing to comply with regulations attracts punitive enforcement actions, damages reputations and reduces returns to shareholders.
Compliance professionals must assess every prospective client for risks they present of money laundering and terrorism funding. They do this by defining KYC policies that prescribe what information they must collect and analyse to prove to themselves and to regulators that they have undertaken due diligence.
At its heart, KYC compliance is a data-driven business process composed of a sequence of information gathering steps used to build a picture of a client: what is the client’s business activity, in which jurisdiction is the client based, who are the company directors, who is the ultimate beneficial owner?
In theory, this sounds simple. In practice, KYC compliance consumes hours and days of analysts’ time, is error-prone and is subject to subversion when analysts substitute unapproved sources of information for those prescribed in policy.
Clients are left frustrated by the on-boarding experience, operational costs escalate beyond their budgets and compliance officers are forced to undertake expensive audits.
Encompass brings the power of process automation to solve KYC compliance. Working with the suppliers of information that your organisation trusts, Encompass routinely executes policies ensuring every question central to your due diligence is answered in real-time.
It completes KYC checks in seconds and minutes, accelerating on-boarding to ensure each client relationship proceeds on the best possible terms. Your existing KYC team immediately becomes far more productive freeing them to apply their experience and expertise at scale as your business grows.
The results of every KYC check are transparent and secure, always available for review and audit by compliance officers and regulators. As software as a service delivered from the cloud, Encompass’s benefits are immediate for your organisation.
Encompass: Transforming compliance for your business advantage: www.encompasscorporation.com