Encompass CEO Wayne Johnson took part in a roundtable with a select group of industry experts to discuss the changing requirements of AML legislation, and the key trends and technologies being produced that will help to counter the effects of money laundering.
Speaking to FX-MM Magazine, Johnson covered several topics surrounding the prevalence of money laundering, the reasons why it is so important to eradicate it from society, the new technologies that are available such as Encompass, and also touched on the UK Bribery Act.
Johnson was joined for the roundtable by a number of industry experts including Matt Taylor of Protiviti; Ben Marsh of iMeta Technologies; Micah Willbrand of NICE Actimize; Paul Taylor of SWIFT; with questions being asked by Peter Garnham, Editor of FX-MM Magazine.
Speaking on what has prompted the increased regulatory focus on AML in recent years, Johnson cited figures from the UN showing how much of global GDP came from criminal activity and laundered money. In tandem with global stories such as the Panama Papers leaks, it was inevitable that the international community would need to act.
He was also able to share some of his experiences on his recent trip to the US for the UK Department of International Trade’s first ‘RegTech Mission’, and illustrated how new technology in AI, automation and machine learning can assist in the fight against money launderers.
“Using the power of automation to complete client due diligence for AML compliance during standard onboarding is technology available today and it’s already freeing up the time of humans to work on more complex cases” said Johnson.
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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.
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