Encompass Wins Best KYC/KYB Innovation
Scotland-based fintech, Encompass Corporation, just announced thatÂ Aite-NovaricaÂ Group, a global advisory firm,Â has awardedÂ themÂ the winner of theÂ 2022 Fraud & AML Impact Awardsâ€™ Best Know Your Customer/Business (KYC/KYB) Innovation.
The award recognises the fintech for its capacity to combine a huge number data sources, technology and expertise to deliver best in class corporateÂ KYC due diligence with automation.Â
Alex Ford, President, North America at Encompass, said:Â
â€œBy automating the KYC process, financial institutionsÂ can pursueÂ aggressive growth agendas and scale whileÂ avoiding additionalÂ complianceÂ costs. Our platform is used byÂ banksÂ across the globe toÂ significantlyÂ improve the onboarding experience of their clientsÂ while also future-proofing technology and processes. Weâ€™re grateful to be recognized by Aite-NovaricaÂ Group for our innovative approach, whichÂ brings speed, accuracy and control.â€
Encompassâ€™ platform gives financial institutions access to real-time to global public and premium data sources, enabling:
- Search based on pre-defined policy usingÂ only bank-approvedÂ sources;Â
- 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.
Winners were selected by a global panel of experts on fraud and AML.Â
Encompass will be presented with the AML Impact Award at the fifth annual Financial Crime Forum, taking place from September 18-19 2022 in Charlotte, North Carolina, USA.Â