In a survey by encompass corporation  of Anti-Money Laundering (AML) professionals from the legal and financial sectors including some of the most respected international and domestic providers, over half of respondents said they cross reference Know Your Customer (KYC) data sources manually when carrying out checks.
In addition, 90% of respondents said they use five or fewer third-party data sources when understanding beneficial ownership, or those with control of corporate clients.
Wayne Johnson, Co-Founder and CEO, encompass corporation, said: “Manual checks are associated with a higher level of risk, and higher costs. Following the introduction of the 2017 Money Laundering Regulations, due diligence is a more complex task. The risk of reputational damage and fines means we expect to see a move away from manual in favour of much greater use of automation and robotic search for KYC and AML checks.
“The survey also highlighted some Brexit concerns, with a sizeable minority believing it could impact AML. My view is that as KYC is a global challenge, departure from the EU will not create a major divergence of legislative policies between the UK and the rest of Europe when it comes to AML.The Financial Action Task Force, the intergovernmental body overarching AML/CTF regulatory standards, has set an international benchmark which all organisations operating in a global business context should be aware of.”
The survey showed over 30% of respondents were concerned that Brexit may weaken Europe’s ability to identify money laundering.
To see a full copy of the report, please follow this link: https://www.encompasscorporation.com/blog/encompass-survey-over-50-of-kyc-cross-checks-are-manual/ 
47 professionals were surveyed working in both legal and financial sectors.