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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.