Leumi ABL selects Encompass for KYC compliance
02 March 2018 London
Image: Shutterstock
Leumi ABL has selected regulation technology firm Encompass Corporation to support and enhance its know-your-customer (KYC) compliance processes.
The specialist asset-based lending subsidiary of Bank of Leumi provides invoice finance, stock finance, and plant and machine finance.
Selecting Encompass Corporation will provide Leumi ABL with instant access to multiple sources of company and person data.
Kevin Yates, director of risk and compliance at Leumi ABL, said: “Evolving regulations, not least the new requirements of Money Laundering Regulations 2017 and Fourth Money Laundering Directive, are a challenge for many companies, a challenge that Encompass confirm enables us to meet.”
“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.”
Scott Goodsir-Smyth, head of customer success at Encompass, added: “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. Leumi ABL recognised the impact of this when putting the client at the heart of what they do and we look forward to continuing to work alongside them.”
The specialist asset-based lending subsidiary of Bank of Leumi provides invoice finance, stock finance, and plant and machine finance.
Selecting Encompass Corporation will provide Leumi ABL with instant access to multiple sources of company and person data.
Kevin Yates, director of risk and compliance at Leumi ABL, said: “Evolving regulations, not least the new requirements of Money Laundering Regulations 2017 and Fourth Money Laundering Directive, are a challenge for many companies, a challenge that Encompass confirm enables us to meet.”
“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.”
Scott Goodsir-Smyth, head of customer success at Encompass, added: “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. Leumi ABL recognised the impact of this when putting the client at the heart of what they do and we look forward to continuing to work alongside them.”
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