APAC CIOOutlook

Advertise

with us

  • Technologies
      • Artificial Intelligence
      • Big Data
      • Blockchain
      • Cloud
      • Digital Transformation
      • Internet of Things
      • Low Code No Code
      • MarTech
      • Mobile Application
      • Security
      • Software Testing
      • Wireless
  • Industries
      • E-Commerce
      • Education
      • Logistics
      • Retail
      • Supply Chain
      • Travel and Hospitality
  • Platforms
      • Microsoft
      • Salesforce
      • SAP
  • Solutions
      • Business Intelligence
      • Cognitive
      • Contact Center
      • CRM
      • Cyber Security
      • Data Center
      • Gamification
      • Procurement
      • Smart City
      • Workflow
  • Home
  • CXO Insights
  • CIO Views
  • Vendors
  • News
  • Conferences
  • Whitepapers
  • Newsletter
  • Awards
Apac
  • Artificial Intelligence

    Big Data

    Blockchain

    Cloud

    Digital Transformation

    Internet of Things

    Low Code No Code

    MarTech

    Mobile Application

    Security

    Software Testing

    Wireless

  • E-Commerce

    Education

    Logistics

    Retail

    Supply Chain

    Travel and Hospitality

  • Microsoft

    Salesforce

    SAP

  • Business Intelligence

    Cognitive

    Contact Center

    CRM

    Cyber Security

    Data Center

    Gamification

    Procurement

    Smart City

    Workflow

Menu
    • Cyber Security
    • Hotel Management
    • Workflow
    • E-Commerce
    • Business Intelligence
    • MORE
    #

    Apac CIOOutlook Weekly Brief

    ×

    Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Apac CIOOutlook

    Subscribe

    loading

    THANK YOU FOR SUBSCRIBING

    encompass' Analysis on AML Penalties Positions 2019 to be the Biggest Year in Terms of Fines Handed Out by Regulators

    The need to access the right customer information is more critical with the rise of outbound financial investments by the companies.  

    encompass' Analysis on AML Penalties Positions 2019 to be the Biggest Year in Terms of Fines Handed Out by Regulators

    By

    Apac CIOOutlook | Monday, June 03, 2019

    Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.

    David Williams, Sales Director - APAC

    FREMONT, CA: The need to access the right customer information is more critical with the rise of outbound financial investments by the companies. The heightened regulatory scrutiny forces banks to maintain compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. One of the top banking tech solution provider, encompass corporation untangles this process for banks with by turning the agreement into a competitive advantage. It recently performed an analysis of Anti-Money Laundering (AML) related penalties that have been handed down between the years 2002 and 2019, with a particular focus on 2018 and 2019 that shows 2019 set to be the year yet in terms of the value of fines handed out by regulators.

    The encompass view is that considering the financial crash in 2008, there has been a growing focus among financial institutions on the identification and prevention of money laundering and other financial crimes. Since 2014, total AML penalties have endured above a billion dollars every year, mirroring the increased regulatory focus on this area. Multi-million dollar fines are becoming the norm and 2019 set to be the year of record AML fines. “We will continue to monitor this data and re-analyze it in three months. It will be very interesting to see if any further regional or sector insights come to light,” remarks Wayne Johnson CEO and co-founder, encompass.

    The expansion of financial services offered by banks are likely to attract increasing scrutiny from regulators and banks are in need to focus on their risk management capabilities to keep pace. The centre for penalties remaining predominantly on banks shows that the sector is a prime channel for money-laundering. US-based regulators seem to be the most active participants. Unsurprisingly the US financial market is the leader in the world and has a transparent regulatory culture, which not all dominions do. This transparency is apportioned by the UK, which is the second most active dominion in the list.

    With the rise in AML related penalties and increasingly stringent compliance regulations, combating financial crime is becoming a priority encompass is ever ready to extend its solutions and strategies. “In such a scenario, it is imperative that we continue delivering our services for banks to leverage and bolster their KYC, AML, and compliance processes. Offering financial, IT, and AI expertise to the finance, banking, and legal industries, encompass corporation views 2019 to be a year of unimpeded growth in sales, distribution, and data partnerships across the APAC region.” says David Williams, Sales Director, APAC at encompass corporation.

    More in News

    Impact of Digital Transformation on Retail

    Impact of Digital Transformation on Retail

    AI's Role in Apac's Digital Transformation Journey

    AI's Role in Apac's Digital Transformation Journey

    Salesforce Services in APAC: Empowering Digital Transformation Across the Region

    Salesforce Services in APAC: Empowering Digital Transformation Across the Region

    Enhancing Customer Satisfaction through Omni-Channel Payments

    Enhancing Customer Satisfaction through Omni-Channel Payments

    I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info

    Copyright © 2025 APAC CIOOutlook. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Use and Privacy and Anti Spam Policy 

    Home |  CXO Insights |   Whitepapers |   Subscribe |   Conferences |   Sitemaps |   About us |   Advertise with us |   Editorial Policy |   Feedback Policy |  

    follow on linkedinfollow on twitter follow on rss
    This content is copyright protected

    However, if you would like to share the information in this article, you may use the link below:

    https://www.apacciooutlook.com/news/encompass-analysis-on-aml-penalties-positions-2019-to-be-the-biggest-year-in-terms-of-fines-handed-out-by-regulators-nwid-6409.html