Leumi ABL Selects Encompass to Support KYC

Leumi ABL, the UK subsidiary of the Tel Aviv-based Bank Leumi Group, is implementing data automation software Confirm into its regulatory processes in preparation for the June 26 compliance deadline for MLR (Money Laundering Regulation) 2017 and 4 MLD (the fourth Money Laundering Directive). 

Encompass’s Confirm platform automates KYC policies to adhere to anti-money laundering and counter-terrorism financing regulations by providing a full audit trail and web-based processes.

“Changing regulations now mean that companies must look for efficiency if they are to be both fully compliant and remain competitive. By using robotic search to unearth all a KYC policy demands, processes are much more efficient, resulting in faster and safer regulatory compliance,” says Scott Goodsir-Smyth, head of customer success at Encompass, in a statement. 

Encompass Corp. sources real-time access to global company and person data from 12 information providers, including Experian, C6i, BvD, Thomson Reuters World-Check and Companies House.

“Previously, our client KYC process used multiple web-based data sources. Automation via Encompass makes this process considerably more efficient and allows our compliance team to focus on the output, rather than spending considerable time and effort on manual steps in the process,” says Kevin Yates, director of risk and compliance at Leumi ABL, in a statement.