CCR Magazine

CCRi banner ad
You are here  :Home arrow News arrow Automated Anti-Money Laundering system launched for Credit Professionals
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
Automated Anti-Money Laundering system launched for Credit Professionals PDF Print E-mail
Thursday, 16 February 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 software platform enables Credit Professionals 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. 

The 4th AML Directive includes fundamental changes to the existing procedures, which will impact Credit Professionals. Changes to Customer Due Diligence (CDD), the requirement for a central register for beneficial owners, a focus on risk assessments, and the new rules for politically exposed persons (PEPs) within the UK, all present a challenge for Credit Professionals who struggle to tailor legacy systems or keep up with manual process.

Encompass Confirm, the new KYC platform for AML/CTF compliance is fully automated and can be tailored to the Credit Professionals’ specific regulatory and risk criteria. Fully tried and tested, this new system for KYC instantly aggregates and cross-refers information from 12 data providers in real time including Thomson Reuters World-Check, GBG ID3global, Trulioo, Companies House, Experian, Equifax, Dun & Bradstreet, 192.com, Bureau Van Dijk, Creditsafe, Red Flag Alert, C6 Group and Kyckr.

Trials of the platform have shown that on average using Encompass Confirm is more than 10 times faster than current systems and can cut manual costs by as much as 80%. Being automated, it also provides a full audit trail including an instant view of beneficial ownership and control, both key parts of the anti-money laundering regulations.

Wayne Johnson, CEO from Encompass said: “The European Union Fourth Anti-Money Laundering Directive adds both an extra layer of complexity, and requirement for greater clarity of process and auditing including maintaining accurate and current information on beneficial ownership. It’s something a lot of businesses are struggling to prepare for. By automating the process, Credit Professionals can reduce the risks of failure to comply and also vastly improve efficiency, both at the point of need and, crucially, as and when the information needs to be updated or interrogated in the future.”
 
CCRI
3 October - Guoman Tower Hotel, Central London 

CCRInteractive, in association with Marston Holdings , is the largest and leading one-day conference from the publishers of CCRMagazine – a truly national and international event for the credit industry.

This landmark event allows delegates to: Learn best practice of how to increase profitable sales in today’s economy. Understand the key compliance issues and how they will impact upon you. Discuss the legislative and regulatory framework and how it will effect you. Consider the potential effects of Brexit on your business. Discover the latest innovations in the market to improve your collections. Motivate your staff to achieve ever improved results.

To book to attend in 2017, contact Stephen Kiely  or Alison Lucas. To find out more about being part of this landmark event, please contact Gary Lucas
CCRI 

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

The Credit Excellence Awards

Awards 

Tuesday 3 October - Guoman Tower Hotel, Central London


Do not miss your chance to meet and network with the Winners and Finalists at the Credit Excellence Awards, in association with Hoist Finance.


To book your place to attend, please contact Alison Lucas.


subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197