encompass, which automates information and news discovery for Know Your Customer (KYC) requirements, has strengthen its China coverage.
The company has formed a partnership with The Wanda Credit Service, a subsidiary of Wanda Group (Wanda), a conglomerate of commercial management, culture, real estate and finance. As part of the deal, encompass will offers seamless access to Wanda’s news and business information for improved customer onboarding and anti-money laundering / counter-terrorist financing compliance
To protect themselves, regulated firms operating in China, both local and international, must enhance the quality of their Know Your Customer (KYC) efforts. However, accessing the news and information needed to assess customer risk has traditionally been difficult in the country.
The new partnership between Wanda and encompass enables firms to verify consumer and business information based on Wanda’s registry, company and consumer data through the encompass platform.
According to encompass managing director, Paul Charmatz, “The key to robust and effective Know Your Customer is having access to the right data at the right point in the KYC process. encompass uses advanced technology to automate information and news discovery across all of the sources our customers require, and by integrating Wanda’s high-quality verification services on Chinese entities and individuals into our platform, we have significantly eased the regulatory burden for our customers.”
encompass robotically automates information and news discovery for Know Your Customer (KYC) requirements for onboarding, event-driven refresh and remediation. With encompass, firms can improve the quality of their KYC, and reduce the cost of KYC, and gain full control of KYC. It also claims to improve customer experience by reducing onboarding times ‘from up to four hours to just four minutes’.
Earlier this year, encompass partnered with Japanese business Nikkei Media Marketing. Insolvency practitioner ipd also recently partnered with encompass 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.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
