Anti-money laundering software launched for credit professionals
Encompass Corporation has launched Confirm, an automated anti-money laundering system for credit professionals, ahead of a new AML directive
The regulation-focussed solutions provider has created a fully automated “know your customer” system for achieving AML and counter terrorism finance compliance.
The Confirm software platform enables credit professionals to meet the regulatory requirements of the fourth AML directive which must be implemented by June 26 2017.
The European legislation includes fundamental changes to the existing procedures which will impact credit professionals, such as changes to customer due diligence which includes the requirement for a central register for beneficial owners.
Encompass said the new system, which instantly aggregates and cross-refers information from 12 data providers in real time, has been fully tried and tested.
These data providers include Thomson Reuters World-Check, Companies House, Experian, Equifax, Dun & Bradstreet and many more.
It also said the software provides a full audit trail including an instant view of beneficial ownership and control which are both key parts of the anti-money laundering regulations.
Wayne Johnson, chief executive of Encompass, said a lot of businesses are struggling to prepare for the latest version of the directive due to its complexity.