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The compliance landscape has become more stringent than ever. With the ever-increasing instances of fraud and money laundering, it is inevitably for the greater good that regulatory bodies are breathing down the throats of financial instructions when it comes to addressing KYC requirements. In the case of banks, for example, information submitted directly by their corporate clients is no longer considered as a valid KYC resource. As such, for entities pertaining to financial and legal services verticals—where KYC mandates are of utmost importance given that reputation and revenue are at stake—fulfilling the same has become a rather herculean task. “Companies need to get through a series of steps to gather information from sources around the world, analyze, and run the information through screening steps, gather adverse news on their clients, and finally bring that all together to make a risk assessment before they can partner with their clients. This can also drastically affect the time for client onboarding. Not to mention, the steeping cost factors associated with the process,” says Wayne Johnson, the CEO of encompass corporation, a leading provider of end-to-end KYC automation services.
encompass comes as a silver bullet to address the looming predicaments associated with adherence to KYC policies. The company brings in powerful process automation capabilities to enable organizations to easily align information from trusted sources in tune with their KYC policies.
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