Insolvency practitioner ipd has partnered with encompass verify to support and enhance KYC compliance processes.
The company works with a wide range of businesses, ranging from sole-traders, family-run companies and SMEs through to large multi-million pound groups of companies.
Martin Williamson, director at ipd, said: “Working in insolvency means it’s critical that I have access to the full picture, fast. I’ve worked with encompass for some time now, and I’m delighted to have access to encompass’ range of data providers to help me and my business.”
Headquartered in the UK, ipd offers advice and assistance, corporate insolvency, rescue and recovery and solvent / restructuring solutions.
Founded in 2011 by Roger Carson and Wayne Johnson, and operating from the UK, encompass is the creator of Know Your Customer (KYC) software for banking, finance, legal and accountancy. By using robotic search to discover everything a KYC policy demands, encompass claims to deliver more efficient processes and faster, safer regulatory compliance, resulting in lower costs and superior risk management.
The company aggregates data from the world’s leading information providers and then automates workflow in-line with internal KYC policies to enhance the way you research, onboard and review prospects and customers.
It solution can accelerate onboarding, reduce operating costs, ensure consistent and robust policy adherence. By automating KYC, encompass confirm claims to transform Anti-Money Laundering (AML)/Counter-Terrorist Financing (CTF) compliance into a ‘competitive advantage’.
Paul Charmatz, MD of encompass, said: “Martin and ipd have been encompass customers since we arrived in the UK, and I’m delighted he has decided to utilise the power of encompass verify to help ipd grow and prosper.”
Earlier this month, the specialist asset based lending subsidiary of Bank Leumi (UK), part of the Bank Leumi Group, selected encompass confirm to support and enhance their Know Your Customer (KYC) compliance processes.
Leumi ABL provides invoice finance, stock finance, and plant and machinery finance. Kevin Yates, director of risk & compliance at Leumi ABL said “Evolving regulations, not least the new requirements of MLR 2017 and 4 MLD, are a challenge for many companies, a challenge that encompass confirm enables us to meet.
“Previously our client KYC process used multiple web based data sources. Automation via encompass makes this process considerably more efficient and allows our compliance team to focus on the output, rather than spending considerable time and effort on manual steps in the process.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
