KYC Solutions Provider Encompass Corporation Comments on FCA Anti-Money Laundering Annual Report 2018/19

KYC Solutions Provider Encompass Corporation Comments on FCA Anti-Money Laundering Annual Report 2018/19

Henry Balani

Head of Solutions Consulting at Encompass Corporation

Views 383

KYC Solutions Provider Encompass Corporation Comments on FCA Anti-Money Laundering Annual Report 2018/19

10.07.2019 08:45 am

From this report, it is clear that the FCA is taking real action across the board when it comes to tackling money laundering.

It is important to note the focus on Capital Markets. Given the reputation of London as a major financial centre, this is increasingly relevant and positive to see.

What is obvious is that the lack of transparency in regards to UBOs continues to be a major issue. The FCA mentions this as an area of concern and it is one where the services that Encompass offers can be particularly crucial.

Automating manual processes for UBO discovery provides firms with the information they need to make informed decisions fast. Our platform uses intelligent process automation to simultaneously access multiple data sources and use the information retrieved to dynamically build out corporate structures, with the goal of making due diligence more efficient by speeding up the information gathering process and presenting data in a way that’s easy to understand and manage.

The FCA also highlights professional body supervision, stating that action plans are in place to address problems. Professional services firms have weak Anti-Money Laundering compliance procedures. Accounting firms, especially, must prepare for increased regulatory oversight and will require robust Know Your Customer (KYC) solutions in place moving forward if they are to meet their obligations.

The overriding message is that firms must remain vigilant and not become complacent where compliance is concerned - it is no longer just an option.

Latest blogs

Dave Smith Renovite Technologies

When It Comes to Payments, Think Inside the {Sand}box

The 21-century payments industry is part of a sector that has come to reward FIs prepared to push the boundaries by finding new, innovative ways of making money management user-friendly and convenient. Similarly, it does not suffer fools gladly. Read more »

Eddie Davis FINSYNC

Alternative Lending and Fintechs Accelerate Small Business Growth in 2019

The remarkable and rapid technological wave that has given rise to fintech and one of its biggest segments, online lending platforms, is showing no signs of slowing. Fintech-powered financing is making business lending more affordable, more Read more »

Andrew Stevens Quadient

Comment on Competition and Markets Authority’s latest customer satisfaction in banking survey

“When the CMA launched this report six months ago, it seemed a natural fit when most customers rated a bank without any branches, First Direct, as the one they would recommend to their friend for online and mobile banking services. Barclays has now Read more »

Mark Smith Ayming

Big data is AI’s big brother

Big data is AI’s big brother. While AI is driven by machine learning, big datasets fuel the intelligence engine. Banks and insurance companies have access to huge volumes of data and are looking to harness this information to drive efficiencies in Read more »

Alan Stewart-Brown Opengear

“When ATMs Go Down” – How Banks Can Achieve Network Resilience

It is a common source of annoyance for anybody in rural communities; towns and cities around the world. You visit your local bank branch’s ATM to withdraw cash or to print out a mini statement and you are met with a message informing you that the Read more »

Related Blogs

Arta Sylejmani Gemalto

Building a Trust Loop: How banks can transform their relationship with the customer

Today’s consumers expect a frictionless customer journey, regardless of whether they are shopping online, applying for a mortgage or opening a new bank account. Delivering such a seamless customer experience will require banks to not only boost Read more »

David Orme IDEX Biometrics

Fingerprint biometric technology – the key to getting to ‘Know Your Customer’

With cybercriminals becoming ever-more sophisticated, and identity fraud reaching epidemic levels in the UK[1], the need for strict customer identification procedures has never been greater for banks and financial institutions. Read more »

Roger Carson encompass corporation

Making KYC Simpler Through Intelligent Automation

The KYC legacy KYC can prove difficult for financial institutions of all sizes - it is often a complex operation, across middle and back offices, involving large teams of specialists. However, it can be made simpler, and the way to do this is Read more »

Ed Lloyd encompass corporation

KYC remediation: Don’t let outdated customer information expose you to risk

Regulatory and reputational drivers for KYC and customer remediation Read more »

Liudmyla Tatura ICOAdmin

What is KYC, and What Are Its Main Benefits and Pitfalls for ICO Token Sales

KYC is one of the most controversial subjects in today's crypto world. The number of ICOs requiring KYC verification is growing day by day. For this reason, it's essential to have a clear understanding of this procedure. In this article, we'll take Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel