Encompass blog
industry news
why regtech is more important than ever as businesses adjust to new ways of working
As most businesses adjust to a new, largely remote, way of working, the benefits of regtech, both in terms of continuing to tackle financial crime and implementing efficient processes, are becoming increasingly evident.Criminals are taking advantage of the COVID-19...
Four in 10 UK businesses abandon banking services applications due to ‘slow due diligence processes’
38% of UK businesses have deliberately abandoned an application for banking services in the last year due to ‘slow due diligence processes’, according to new research from Encompass. The survey, which polled 200 business decision-makers in large and medium sized...
Encompass reaction to Which? calls for all banks to adopt anti-fraud measures
Consumer group Which? is calling on the government to force all banks to adopt new anti-fraud measures, after analysis uncovered that more than £1bn has been lost to bank transfer scams in three years.Which? analysed bank fraud statistics since 2017 and found the loss...
Encompass’ Wayne Johnson reacts as levy on financial institutions announced in 2020 UK Budget
A new levy on UK banks and other regulated financial institutions will “redress the balance” when it comes to the impact of financial crime on the wider community, according to Encompass CEO and co-founder, Wayne Johnson. In his first Budget, unveiled earlier today,...
$8.14 billion of AML fines handed out in 2019, with USA and UK leading the charge
Encompass has carried out an analysis of Anti-Money Laundering (AML) related penalties handed down between 1 January and 31 December 2019. Key observations: 58 AML penalties handed down globally in 2019, totalling US$8.14bn This is double the amount, and nearly double...
survey finds investment is hampering regtech adoption in Australia
Despite rising global demand for regtech, a lack of investment is slowing down mainstream adoption in Australia, according to new research.This is despite the country having one of the world’s highest concentrations of regtech product development. A study released by...
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...