Encompass has partnered with The Wanda Credit Service, a subsidiary of Wanda Group (Wanda) for Know Your Customer (KYC) efforts.
The new partnership between Wanda and encompass enables firms to easily verify consumer and business information based on Wanda’s registry, company and consumer data through the encompass platform.
According to encompass, China’s position as a global financial superpower has led to the increased enforcement of financial crime laws.
To protect themselves, regulated firms operating in the country, both local and international, must enhance the quality of their know-your-customer (KYC) efforts, said encompass.
Paul Charmatz managing director at encompass, said: “The key to robust and effective KYC is having access to the right data at the right point in the KYC process.”
He added: “By integrating Wanda’s high-quality verification services on Chinese entities and individuals into our platform, we have significantly eased the regulatory burden for our customers.”
Jerry Ying, general manager at The Wanda Credit Services, commented: “Using technology to drive efficiency in regulatory compliance and customer onboarding is top of mind for our customers, and by integrating our data with the encompass automated KYC solution we can support this requirement for innovation.”
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