An automated solution for achieving anti-money laundering (AML) and counter-terrorism finance compliance has been launched for financial advisers by Encompass Corporation.
Encompass Confirm aims to help financial advisers meet the regulatory requirements of the European Union's fourth anti-money laundering directive, which must be implemented by 26 June 2017. The fourth AML directive includes fundamental changes to existing procedures such as changes to customer due diligence, the requirement for a central register for beneficial owners, a focus on risk assessments, and the new rules for politically exposed persons within the UK. According to Encompass, all these changes present challenges for advisers who struggle to tailor legacy systems or keep up with ...
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