Encompass Corporation and ComplyAdvantage will today (11 April) announce a new partnership, in a combination that will apply artificial intelligence and traditional data sources in order to combat money laundering. 

Encompass Corporation is the creator of KYC policy automation software, purpose built for onboarding corporate clients, at scale.  They provide pre-built access to KYC data sources including BvD, Equifax, Creditsafe, Trulioo, GBG, Dun & Bradstreet, and Companies House.

ComplyAdvantage provides AI-driven risk data on individuals, organisations and associated entities that pose a financial crime risk.  It monitors structured and unstructured data sources to provide dynamic real-time insight into risk indicators including sanctions, Politically Exposed Persons (PEPs), watch lists and adverse media.

Wayne Johnson CEO from Encompass said: “We are thrilled to integrate with fellow RegTech leaders ComplyAdvantage. People and organisations that set out to launder money are normally keen to hide their identity. By using multiple data sources you can find relevant information on an individual or business that indicates financial risks. But, if you enrich this process with information provided by ComplyAdvantage – such as how the person or business is discussed in the media or online – a more comprehensive picture about who they are and what they are doing emerges, providing more accurate risk assessment.”

Charles Delingpole, founder & CEO of ComplyAdvantage said: “Criminals are very good at hiding their tracks financially, but often have public face elsewhere. By using the latest technologies, we can provide more accurate, real-time and relevant insight into financial crime risk of an entity you are checking. Combining ComplyAdvantage’s machine learning and AI-driven data with Encompass’ aggregation and automation makes for an ideal match.”

The partnership will be formally announced at the Innovate Finance Global Summit 2017. Encompass Corporation and ComplyAdvantage are both members of Innovate Finance and have been selected to take part in the UK Department of International Trade’s first RegTech Mission to New York from April 24th 2017.

See also: Startup Corner: ComplyAdvantage raises $8.2m to expand machine learning compliance offering

You can read our profile of Encompass here: Startup Corner: Encompass Corporation in Focus