Linked In
Twitter
Credit Strategy
Search
Search

Anti-money laundering software launched for credit professionals

Encompass Corporation has launched Confirm, an automated anti-money laundering (AML) system for credit professionals, ahead of a new AML directive.

LinkedIn Twitter Google+

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 launch came as HSBC confirmed it was still looking to improve its AML controls.

 

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.

 

LinkedIn Twitter Google+
Add New Comment
You must be logged in to comment. Login or Register to access enhanced features of the website.

You may also like

Chief executive of new super trade body is announced

Chief executive of new super trade body is announced

Stephen Jones has been appointed as chief executive of the new financial trade body UK Finance, set to launch this summer
Union directors banned for breaking “all rules in the book”

Union directors banned for breaking “all rules in the book”

Directors of a credit union, which went into administration owing more than £7m to creditors, have been banned for a collective 21 years
FCA announces reviews of business models, motor finance and mortgage arrears

FCA announces reviews of business models, motor finance and mortgage arrears

The Financial Conduct Authority (FCA) has revealed a set of new reviews which include looking at customers with long-term mortgage arrears, “transparency” in the car finance industry and retail banks’ business models
Credit Strategy

Did you find our website useful?

Thank you for your input

Thank you for your feedback

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace.
© Copyright Shard Financial Media Ltd