Encompass Wins Aite-Novarica Group AML Impact Award for Best Know Your Customer/Business (KYC/KYB) Innovation
The award recognizes Encompass for its ability to combine unrivaled data sources, technology and expertise to supercharge corporate KYC due diligence with automation.
NEW YORK, Aug. 15, 2022 /PRNewswire/ -- Encompass Corporation, the provider of the leading Know Your Customer (KYC) automation platform, today announced that Aite-Novarica Group, a global advisory firm providing mission-critical insights on technology, regulations, strategy and operations to the financial services industry, has recognized Encompass as the winner of the 2022 Fraud & AML Impact Awards' Best Know Your Customer/Business (KYC/KYB) Innovation.
The award recognizes Encompass for its ability to combine unrivaled data sources, technology and expertise to supercharge corporate KYC due diligence with automation. Allowing financial institutions to unwrap and uncover corporate structures and ultimate beneficial ownership in minutes, Encompass transforms Anti-Money Laundering (AML) compliance and gives institutions the ability to enhance customer onboarding and respond to regulatory changes with greater speed and accuracy.
"By automating the KYC process, financial institutions can pursue aggressive growth agendas and scale while avoiding additional compliance costs," said Alex Ford, President, North America at Encompass. "Our platform is used by banks across the globe to significantly improve the onboarding experience of their clients while also future-proofing technology and processes. We're grateful to be recognized by Aite-Novarica Group for our innovative approach, which brings speed, accuracy and control."
With real-time access to global public and premium data sources, Encompass' platform gives financial institutions the ability to search entities and receive a digital KYC profile within minutes. With Encompass, financial institutions can ensure a consistent KYC process every time, including:
- Search based on pre-defined policy using only bank-approved sources;
- Mapping of ultimate beneficial ownership and corporate hierarchy;
- Screening of entities for PEPs, sanctions and adverse media;
- Cross-checking documents, matching and merging data;
- And the automatic creation of a complete audit trail in real time.
According to Aite-Novarica Group, winners were selected by a global panel of both internal and independent experts on fraud and AML.
Encompass will be presented with the AML Impact Award at the fifth annual Financial Crime Forum, taking place Sept. 18-19, 2022 in Charlotte, NC.
Encompass Corporation (Encompass) transforms regulatory compliance and customer onboarding with Know Your Customer (KYC) automation. As a global leader in automated KYC due diligence worldwide, Encompass serves global banks and financial institutions to streamline their KYC process and comply with regulations and requirements. Launched in 2012, Encompass serves customers across the globe and features offices in Amsterdam, Belgrade, Glasgow, London, New York, Singapore and Sydney. To learn more, visit EncompassCorporation.com.
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy and operations to hundreds of banks, insurers, payments providers, and investment firms - as well as the technology and service providers that support them. Comprising former senior technology, strategy and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. Visit us on the web and connect with us on Twitter and LinkedIn.
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SOURCE Encompass Corporation
