encompass and Nikkei Media Marketing partner on KYC
Latest news
encompass and Nikkei Media Marketing partner on KYC 30 April 2018London Reporter: Jenna Lomax
Image: Shutterstock
Encompass has partnered with Nikkei Media Marketing (Nikkei MM) to support firms with know your customer (KYC) requirements in Japan.
According to encompass, Nikkei MM will assist the firm to robotically automate processes for customers reducing KYC processes to minutes.
The decision comes as a result of the increase of regulatory activity in Japan, which includes the introduction of the Act on Prevention of Criminal Proceeds in 2016, and in the run up to the Financial Action Task Force’s (FATF) planned mutual evaluation in 2019.
Amongst other anti-money laundering (AML) measures, the Criminal Proceeds Act set out new standards for regulated firms for customer onboarding and monitoring, including KYC, customer due diligence and enhanced due diligence.
This followed earlier criticism from FATF on the government’s approach to AML.
These enhanced requirements mean firms are spending increasing amounts of time and money on gathering the data required to perform KYC.
Paul Charmatz, managing director at encompass, said: “The increasing regulatory burden faced by Japan’s banks and other regulated firms is driving the need for innovative technology solutions to streamline the KYC process.”
He added: “We’re delighted to partner with a company as well-known and respected as Nikkei Media Marketing to bring our innovative robotic process automation technology to the Japanese market.”
Yutaka Omura, CEO of Nikkei Media Marketing, commented: “In a more stringent regulatory environment we are seeing increased demand for solutions that can drive efficiency in compliance operations.”
He added: “For this reason, we are excited about the possibilities for the encompass technology in Japan, and to drive sales of the solution in the market.”
NO FEE, NO RISK 100% ON RETURNSIf you invest in only one asset servicing news source this
year, make sure it is your free subscription to Asset Servicing Times
Image: Shutterstock 