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

12-minute loans launched for SMEs

12-minute loans launched for SMEs

Business lender Ultimate Finance has launched a loan that puts cash in a borrower’s account in under 12 minutes, in response to UK SMEs’ calls for quicker finance
Brexit increases pressure on UK hotels

Brexit increases pressure on UK hotels

Up to 1,800 UK hotel companies have at least a 30 percent chance of becoming insolvent by 2020, according to accountancy firm Moore Stephens
Charities call for independent regulator of bailiffs

Charities call for independent regulator of bailiffs

Bailiffs are still using “intimidating behaviour” and not following the rules when collecting debts, according to a new report launched by several charities
Credit Strategy

Did you find our website useful?

Thank you for your input

Thank you for your feedback

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.
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