encompass blog | industry news
over $352.5 million of fines handed out globally in last four months
Encompass, a fast-growing provider of intelligently automated Know Your Customer (KYC) solutions, recently carried out an analysis of Anti-Money Laundering (AML) related penalties handed down between 1 May and 31 August 2019. Key observations from the analysis are as...
Australia’s regulatory changes examined as legislation puts restrictions on the use of cash under the spotlight
New legislation that focuses on restrictions around the use of cash is on the radar of businesses in Australia, as they look to keep up with the latest regulatory obligations.The draft legislation, released early this month, aims to prevent the use of cash in economic...
RICS AML regulation – what you need to know as enforcement date approaches
Firms across the property sector are gearing up for change as the implementation date of the Royal Institution of Chartered Surveyors (RICS)’s global professional statement around tackling money laundering and other areas of financial crime nears.The statement,...
FCA report on money laundering shows there is a long way to go despite progress
The Financial Conduct Authority’s (FCA) Anti-Money Laundering (AML) Annual Report 2018/19 underlines that firms still have some way to go in their efforts to stamp out the problem. The FCA’s AML report, which focuses on developments within the last 12 months,...
why are AML fines increasing? deep dive into encompass analysis
2019 is set to be a record year of Anti-Money Laundering (AML) fines, according to new research. encompass, a fast-growing provider of intelligently automated Know Your Customer (KYC) solutions, carried out an analysis of AML-related penalties handed down...
how APRA report can bring opportunities for forward-thinking financial institutions in Australia
In May, the Australian Prudential Regulation Authority (APRA) released its report analysing self-assessments by more than 30 of the country’s largest banks, insurers and superannuation licensees. This was in response to actions points from the regulator’s...
law firms under the spotlight as a result of SRA investigation
A review by the Solicitors Regulation Authority (SRA) has uncovered that a number of law firms are not meeting their Anti-Money Laundering (AML) obligations. Following these findings, the regulator is set to step up efforts to stamp out this growing...