APPx needs to onboard partners and clients from its network in a manner that is compliant with AML and CTF regulations. By partnering with encompass, it will be able to automate this process, helping to streamline operations, improve customer experiences and accelerate onboarding times.
enompass provides robotically automated know your customer software to support banking, finance, legal and accountancy processes. The company’s AI gathers and analyses a wide variety of information to build a clearer visual image of a company or individual.
Its solution can complete an initial risk assessment, understand corporate hierarchy to discover ultimate beneficial owners, identify regulatory risk and uncover adverse media. encompass, continuously monitors the system for any material changes and can keep track of audit trails.
APPx president and co-founder Jay Ruckenstein said, “We have worked closely with Canadian regulators since founding the company and are keen to take a leading role in defining AML best practice for the Fintech sector.
“By raising standards across the board, the whole industry benefits from a good reputation, which encourages adoption and integration within the mainstream financial system. The encompass team has been amazing. They understood what we were trying to achieve when others didn’t.”
Earlier in the year, encompass partnered with China-based The Wanda Credit Service. Through the partnership, encompass provides Wanda with the ability to verify their consumer and business information, to meet the country’s AML, and CTF requirements.
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