With the Chancellor’s budget coming up on Thursday, and rumours that investment in R&D is due to be cut, read a response comment from Dr Henry Balani, Head of Industry and Regulatory Affairs at Encompass Corporation about the need to address financial crime in the Autumn Statement and how automation technology can play a big role in meeting regulations and tackling financial crime.
Dr Henry Balani, Head of Industry and Regulatory Affairs at Encompass Corporation, comments:
“The UK is in a delicate position, with the cost-of-living crisis, economic turbulence and the war in Ukraine demanding the government’s attention. In this challenging climate, it’s critical that the rising threat posed by financial crime isn’t overlooked in the Autumn Statement.
“The financial services industry makes a substantial contribution to UK GDP, so protecting it from harm should be a top priority. Likewise, businesses across the country provide crucial growth and support, meaning they need to be better protected from financial fraud.
“We’d hope to hear more from the Chancellor about the importance of equipping organisations like Companies House with the tools, technology, and training to better analyse risk and identify fraudulent applications and operators who are already on the register. Key to efforts going forward will be the technology, and particularly automation, that can swiftly conduct Know Your Customer (KYC) checks on directors, ensuring compliance with Anti-Money Laundering (AML) regulations as obligations evolve.”
