“The CDI platform goes beyond conventional measures with its Ultimate Beneficial Owner (UBO) verification capabilities. Encompass understands the importance of verifying the ultimate beneficiaries behind business entities to mitigate risks effectively. Through advanced algorithms and data analytics, the UBO verification feature enhances the accuracy and reliability of due diligence processes.”
With the launch of its innovative Anti Money Laundering (AML) Solution Providers programme, Encompass has solidified its position as a major player in the financial services and compliance industries, combating financial crime. Based in London, United Kingdom, Encompass is at the forefront of innovative solutions designed to address the complexities of money laundering prevention. Under the project code AMLSP, the company has evolved its offerings to create a robust system that caters to the ever-evolving landscape of financial regulations and illicit activities.
Encompass’s commitment to combating money laundering is exemplified by its flagship product, the Comprehensive Due Diligence (CDI) platform. This dynamic and comprehensive platform serves as the linchpin of Encompass’s suite of solutions, empowering financial institutions to navigate the intricate web of compliance with unparalleled efficiency.
The CDI platform encompasses a multitude of features that collectively redefine the landscape of Anti Money Laundering solutions. One of the standout components is the Dynamic Know Your Customer (KYC) process automation. This feature revolutionizes the traditional KYC procedures by automating them, ensuring real-time updates and compliance with regulatory requirements. Encompass’s commitment to staying ahead of the curve is evident in its continuous refinement of the KYC process, adapting to the shifting regulatory environment seamlessly.
At the core of the CDI platform is the integration of global public and premium data. Encompass recognizes the significance of real-time, accurate data in the fight against money laundering. The platform offers financial institutions a comprehensive perspective of their consumers by combining data from many sources across the globe. This allows the institutions to make well-informed decisions and rapidly identify potential dangers.
The CDI platform goes beyond conventional measures with its Ultimate Beneficial Owner (UBO) verification capabilities. Encompass understands the importance of verifying the ultimate beneficiaries behind business entities to mitigate risks effectively. Through advanced algorithms and data analytics, the UBO verification feature enhances the accuracy and reliability of due diligence processes.
Encompass’s commitment to compliance is further strengthened by its PEP (Politically Exposed Persons), sanctions, and adverse media screening. The CDI platform employs sophisticated screening mechanisms to identify individuals or entities associated with high-risk profiles. By staying vigilant on the global stage, Encompass ensures that its clients are shielded from potential risks that may arise from connections with politically exposed persons or entities under sanctions.
One of the standout features of the CDI platform is the creation of CDI profiles, offering a consolidated and easily accessible overview of customer due diligence. These profiles provide financial institutions with a comprehensive snapshot of their customers, facilitating quick and informed decision-making. The CDI profiles are dynamic and continually updated, reflecting changes in the customer’s status or any relevant regulatory developments.
Encompass understands the importance of seamless integration within the existing infrastructure of financial institutions. To facilitate this, the company offers an Application Programming Interface (API) that allows for smooth connectivity with various systems. This ensures that the CDI platform becomes an integral part of the institution’s operations without disrupting the workflow.
In the pursuit of transparency and accountability, Encompass has incorporated a Dynamic Audit Trail into the CDI platform. This feature provides a chronological record of all activities and changes made within the system. The dynamic audit trail not only aids in compliance but also serves as an essential tool for internal reviews and investigations.
As a testament to its commitment to data integrity, Encompass introduces the Data Attribute Lineage feature within the CDI platform. This functionality traces the origin and transformations of each data attribute, providing a clear lineage of information. This not only enhances the reliability of the data but also contributes significantly to the auditability and transparency of the entire compliance process.
However, Encompass, through its AMLSP initiative, emerges as a pioneer in the realm of Anti Money Laundering Solution Providers. The CDI platform stands as a testament to the company’s dedication to innovation, efficiency, and compliance. By offering a wide range of features, from dynamic KYC automation to advanced data screening and audit trail capabilities, Encompass empowers financial institutions to navigate the intricate landscape of financial regulations with confidence and effectiveness. In an era where financial crime is increasingly sophisticated, Encompass remains a stalwart guardian, providing the tools needed to protect the integrity of the global financial system.
