encompass blog | industry news
$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...
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...