Treasury News Network

Learn & Share the latest News & Analysis in Corporate Treasury

  1. Home
  2. Bank Relations & KYC
  3. Know Your Customer

KYC compliance in minutes through process automation

To comply with today’s ever-increasing KYC compliance demands, access to many different sources is required to check, for example, if the potential customer is a Politically Exposed Person or who the Ultimate Beneficial Owner of a corporate client is, etc. The signing of a new customer requires a number of different searches, and updating the KYC data requires just as many because it requires going back to these same sources and references. This is a huge overhead for SMEs, solicitors and accountants, banks and any other regulated businesses. The typical process is:

  1. Go to registries for original documents and data vendors to discover the relationships of all parties
  2. Understand and visualise the UBO
  3. Go to other providers to check PEPs and sanction lists, and visualise the whole position
  4. Check for adverse media stories, etc.

This can take up to two months and more. However, with encompass’s real-time links to registries, regulators and listings in 125+ countries, 50+ business data providers, Politically Exposed Person and Sanction lists, collections of news and Adverse Media sources, and Electronic ID; they claim it can take just minutes to gather a full profile of a new customer.

An important benefit of the encompass cloud-based KYC solution is that users can retain their existing IT infrastructure and data providers, as well as develop bespoke internal KYC policy automation rules which they can introduce across the whole organisation.

Keeping up-to-date

A unique feature of the encompass KYC solution is that when a user requests an update on a customer, encompass goes back in real-time to each data provider and then reports the latest position rather than holding out-of-date data. encompass call this Robotic Process Automation:

Source & Copyright©2018 - encompass


Encompass sell a software solution, not a data solution which is provided by other parties. Currenty there 300+ encompass users (SMEs, solicitors and accountants, and banks). Typically there is a software fee for each installation based on: the complexity of the KYC policy, the volume of customer profiles required, and the delivery method.

CTMfile take: encompass’s KYC unique solution is very different in that they hold no data, always going back to original data providers. Also they will accept data in any format and standard (like Bloomberg). For smaller banks and many corporates this could be just what is needed.

Like this item? Get our Weekly Update newsletter. Subscribe today

Also see

Add a comment

New comment submissions are moderated.