10 RegTech companies making waves in the industry
Recent money laundering regulations such as the 2017 Money Laundering Regulations (MLR 2017) have committed both financial and professional service firms to be rigorous in their customer onboarding and Know Your Customer (KYC) checks.
Regulatory Technology (RegTech) has come to the fore in recent years to assist regulated firms in their KYC checks, cut costs and ensure compliance through the use of new technologies such as intelligent process automation (IPA), Artificial Intelligence (AI), distributed ledger technology and machine learning.
The costs involved with regulatory technology can be enormous. As regulation has evolved, regulated firms have taken on more compliance staff to cope with the resulting increase in workload, but this is a costly and unsustainable solution. These costs are tiny however, when compared to the potential cost of being found to be in breach of Anti-Money Laundering laws, or the damage to reputation that can be caused by laundering illicit funds.
In recent years, it has been more common for regulated firms to look at more streamlined and cost effective methods for keeping cost under control, while ensuring regulatory compliance. It is at this juncture that RegTech has come into its own.
In Disruptor Daily, journalist Guarav Sharma has picked out his top 10 RegTech companies. Featuring alongside the likes of Ayasdi, Feedzai and Forcepoint, encompass was selected for its ability to speed up the KYC process, while still allowing for complete compliance with regulatory guidelines.
Driven by customers internal policies, the encompass platform automatically constructs corporate ownership structures, discovers beneficial owners, and in minutes screens all relevant entities and persons for regulatory, reputational and financial risk.
Read the full story on the Disruptor Daily website:
The World Bank estimates that almost 8% of the Gross National Product of advanced economies is spent on regulatory compliance. For less developed countries, this percentage is even higher. Given the size of the global economy, we can assume that over $10 trillion is spent annually on regulatory compliance!
Founded in 2011 by entrepreneurs Roger Carson and Wayne Johnson, and operating from the UK, encompass is the creator of unique, innovative Know Your Customer (KYC) software for banking, finance, legal and accountancy that enable better, faster commercial decisions. The company is driven by the belief that the best decisions are made when people understand the full picture.
want to turn regulatory compliance
in to a competitive advantage?
Contact us today to arrange your personalised consultation of encompass. Discover how our KYC automation software can help your business accelerate onboarding and give you peace of mind that you are regulator ready.