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How EC Review automates KYC refresh and remediation

Maintaining full oversight of client risk is impossible for most financial institutions. Adopting a risk-based approach means that lower risk client records can go unreviewed for months and years, creating unknown risk exposure.  

Powered by the EC360 platform, EC Review sources and collates KYC public data and documents in real-time to review client data in bulk, and at scale. Required data attributes or complete client profiles are returned seamlessly into your internal systems, for straight through processing (STP) or analyst review where deeper investigation is required. 

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How it works 

  1. Send client records to Encompass securely as a batch file.
  2. EC Review automates the KYC refresh and remediation process, sourcing and collating required information in real-time.
  3. Validated client data is returned as structured flat files or directly into downstream CLM/KYC platforms, allowing you to identify changes to key data points for further investigation. 
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Review client data in
bulk and at scale 

One commercial bank refreshed their customer book with EC Review

20k client records
2 days
0 extra FTEs

Key features of EC Review

Automation rules

EC Review is configured to check against data from your approved public data sources, in line with your jurisdictional needs, and unique requirements. 

Intelligent document processing (IDP)

Generative artificial intelligence (GenAI) is deployed to extract data from complex documents. 

Data normalization and standardization

EC Review normalizes data into standardized fields for smooth data ingestion into internal/third party systems. 

Hierarchy rules and entity resolution 

Data source preferences are customized to your needs. Disparate data is joined and matched together, maintaining full data lineage for a consolidated view of an entity. 

Corporate structure mapping and UBO discovery 

Ownership is uncovered by combining data from multiple data sources and then calculated using non-beneficially held and beneficially held shareholding percentages.  

Output 

Data is returned to your CLM via API or as a .csv or .pdf file with full data provenance and audit trail. Data attributes and original source documents can also be provided as part of a comprehensive digital profile, complete with corporate structure and UBO hierarchy chart. 

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175+ data products covering over 200 jurisdictions

Access to extensive global data coverage to ensure reliable and accurate information. Source critical KYC public data attributes and documents in real-time to verify and validate client identity. These include corporate and UBO registries, regulators, and stock exchanges, plus screening, IDV and company business data from leading vendors.

Learn more about public data integrations

Security

  • ISO 27001
  • AICPA SOC 2 Type II

AICPA SOC 2 certified — Encompass Corporation Service Organization Control Reports

ISO 27001 certified — Encompass Corporation Information Security Management System

Benefits of automated KYC refresh

Reduce risk exposure 

Improved STP and prioritized case workflow for analysts 

Trusted data with accurate and up to date KYC profiles for all clients

Robust compliance and risk mitigation 

Resources focused on risk assessment 

Partnering with Encompass 

Our global team of KYC, banking industry and technology experts, ensures you maintain compliant client records efficiently through our secure, automated platform for batching, verification, rapid review and resolution. We ensure high data quality and compliance by running the process for you and highlighting exceptions that need investigation. Outreach and your internal team’s workload are reduced, all with a full audit trail and compliance assurance. 


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EC Public Automation  

Our award-winning KYC public data solution is used by the world’s leading banks to identify and verify clients from onboarding and throughout the client lifecycle.

 

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FAQs

What is the difference between KYC refresh and KYC remediation?

Know your customer (KYC) refresh is the routine, risk-based update of a client’s KYC profile on a set schedule. KYC remediation is a one-time or program-level effort to bring existing back-book records up to current regulatory standards. EC Review supports both: it can run scheduled refresh cycles or a large-scale remediation project across your existing client base.

How often should KYC records be refreshed?

Refresh frequency is normally risk-based: high-risk clients are typically reviewed annually, medium-risk clients every two to three years, and low-risk clients every three to five years, in line with each bank’s risk appetite and local regulatory requirements. EC Review applies your policy rules automatically, providing validated data back to you for your review.

Which data sources does EC Review use to refresh client records?

EC Review connects to more than 175 data products covering over 200 jurisdictions, and your risk policy determines which sources are consulted for each client. Generative AI-enabled intelligent document processing (IDP) extracts data from the documents collated, and the resulting data is validated and structured before it reaches your team or system.

Can EC Review integrate with our existing KYC or client lifecycle management platform?

Yes. EC Review returns validated data as structured files, through an API, or directly into your client lifecycle management (CLM) or KYC platform, so refreshed records feed straight into your existing workflow.