Encompass launches landmark whitepaper unveiling key trends in financial crime compliance
Encompass whitepaper, ‘Trends in Financial Crime Compliance’, cites robust and risk-based approach to KYC as the key to navigating the complex world of rising instances of financial crime, global sanctions, and stricter fines for non-compliance.
Encompass Corporation, the provider of the leading Know Your Customer (KYC) automation platform, has published a landmark whitepaper analysing trends in financial crime compliance across 2022 and providing an understanding of what they mean for banks in 2023.
‘Trends in Financial Crime Compliance’, authored by Dr. Henry Balani, Global Head of Industry and Regulatory Affairs at Encompass, revealed that, in 2022, regulatory pressure concentrated on areas such as Ultimate Beneficial Ownership (UBO). This was in response to the Pandora and Paradise papers, with a key focus on London as a mecca for money laundering. 2022 also saw an increase in notable fines against firms for non-compliance, especially crypto exchanges, brokers, asset managers and securities firms, in the UK and Asia.