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Leumi ABL tasks encompass confirm with KYC automation

Leumi ABL, the asset-based lending subsidiary of Israeli Bank Leumi, has tasked UK firm encompass confirm with supporting and enhancing its know your customer (KYC) compliance processes.

The vendor provides “simultaneous, real-time access to multiple sources of company and person data”.

According to Kevin Yates, director of Risk and Compliance at Leumi ABL, new requirements of MLR 2017 and 4 MLD have meant fresh challenges for companies. Previously, the firm was using multiple web-based data sources.

Encompass confirm has introduced automation, which Yates said makes the process “considerably more efficient”. The change also allows the team at Leumi ABL to “focus on the output, rather than spending considerable time and effort on manual steps on the process”.

Related: Fiserv veteran joins Bank Leumi

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 UK-based branch of Bank Leumi switched out its digital banking system in February 2016, bringing in Infosys Finacle. The bank’s Israel operations opted for Temenos T24 back in August 2015.

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