• Arctic Intelligence in the press

Australian Banks Reassessing Risks amid Unprecedented Enforcement Action – ACAMS – No Money Laundering, Daniel Bethencourt – 16th August 2017

In the wake of an unprecedented lawsuit against Commonwealth Bank of Australia for alleged compliance violations, other lenders are re-evaluating their own risks and adjusting to a potentially more aggressive regulatory climate, say sources.

On August 3, the Australian Transaction Reports and Analysis Centre, or AUSTRAC, accused the country’s largest financial institution of violating anti-money laundering rules on nearly 54,000 occasions by failing to gauge the risks posed by cash-deposit machines, file timely reports on large cash transactions, monitor specific clients adequately and report suspicious behaviour even when warned by law enforcement.

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Alarm bells ringing: laundering claims rain on CBA’s parade – Sydney Morning Herald, Clancy Yeates – 12th August 2017

Commonwealth Bank staff at the Market City branch in Sydney’s Chinatown were getting suspicious, watching the same customer making cash deposits of just under $10,000. It was July 2015 and the customer was following a pattern they had seen elsewhere: ploughing cash into an intelligent deposit machine (IDM) just below the threshold where such deposits must be reported to authorities. Soon afterwards the money would be sent money overseas.

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Narev sets aside $40m to combat dirty cash – The Australian, Supratim Adhikari – 10th August 2017

Commonwealth Bank has committed to spending $40 million over the next 12 months in a bid to fortify its anti-money laundering technology capabilities; a sum that has divided opinion in banking technology circles.

While some have said the new investment is overkill from a bank trying to rehabilitate a tarnished reputation, others say $40m may not be enough to fix the problem.

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Reg tech firms say CBA allegations the ‘tip of the tip’ of the iceberg of money-laundering risk – ABC News, Stephen Smiley – 9th August 2017

As the Commonwealth Bank defends itself against accusations that it enabled terrorists and organised criminals to launder money, one group of businesses has spotted an opportunity. ‘Reg tech’, or regulatory technology businesses, have sprung up in the last few years to help companies safeguard against money laundering. And reg tech businesses say the true scale of money laundering in Australia is virtually unknowable, given the oversight body AUSTRAC has conducted fewer than 100 independent compliance investigations on the 14,000 entities it regulates.

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Commonwealth Bank exploring upgrades to transaction monitoring software – Australian Financial Review, James Eyres – 8th August 2017

Commonwealth Bank of Australia is considering using new software to improve the way it monitors suspicious activity throughout the bank, suggesting the money laundering scandal could be a tipping point that breaks down CBA’s insular approach to technology development.

With AUSTRAC suing CBA for failures in identifying suspect deposits, the bank has been exploring how new regulatory technology being developed outside the bank might be incorporated into its surveillance systems to make “suspicious matter reporting” and account monitoring more reliable.Read full article…

CBA money laundering scandal – how it happened – Australian Financial Review, James Eyres – 4th August 2017

On the evening of Thursday May 21, 2015, NSW Police arrested Arlsan Shaffi, 25, and Salman Khan, 24, and charged them with money laundering.

After searching their respective residences in Auburn, in Sydney’s western suburbs, the police found more than $3 million in banking receipts, some of which had been printed by Commonwealth Bank’s deposit machines. Over the previous 7½ months, the authorities alleged the two men laundered $1,784,408, by making 255 separate deposits into 101 Commonwealth Bank accounts. Read full article…

Commonwealth Bank in damage control after allegations it breached anti-money laundering laws – ABC News, Stephen Smiley – 4th August 2017

Members of the board of the Commonwealth Bank are in damage control this lunchtime as the company pledges to fight allegations it breached anti-money laundering laws. The bank faces potential fines of up to one-trillion dollars if the almost 54,000 alleged breaches are proven.

Financial security analysts are baffled by the size and scale of the charges. Meanwhile there’s concern too that the bank’s customers and shareholders could wear some of the cost of any future fine. Read full article…  Play Audio…

Start-ups form regtech industry association, Australian Financial Review – 02/04/17

A new industry group to represent the emerging regulatory technology, or regtech, industry has been formed in order to encourage collaboration between start-ups and regulated companies as the rise of artificial intelligence technology points to a new age of proactive compliance monitoring.

A dozen Australian start-ups have come together to form the RegTech Association, which was launched last Thursday at an event at Allens Linklaters, a sponsor of the group, attended by more than 100 people.

The foundation members of the RegTech Association are: Red Marker, GRC Solutions,  Arctic Intelligence, Verifier, Dynamic GRC, Dysrupt Labs, Meetig8, Simple KYC, Cynopsis Solutions, AML Accelerate, Complii and identitii. Read full article…

RegTech Association launches to tackle growing industry, Australasian Lawyer – 30/03/17

In an event in Sydney today, the RegTech Association officially launches with 13 founding members that hope to advance the regulatory technology industry in Australia and in the Asia Pacific.

Hosted by global firm Allens, the event will include an exclusive speaker panel that will discuss the state of play and future opportunities for growing the RegTech ecosystem in the region. The aim of the association is to promote good corporate practice in compliance management

Matt Symons, Red Marker CEO and RegTech Association director, will open the event, which will be moderated by Danny Gilligan, Reinventure Group’s MD. The event will be attended by more than 100 key stakeholders from major banks, start-ups, and governing bodies, who will also hear from Lisa Schutz, Verifier CEO; Karen Malzard, ANZ Wealth head of risk; and Anthony Quinn, Arctic Intelligence and AML Accelerate CEO. Read full article…

RegTech Association launches with spotlight on growing eco-system, www.regtech.org.au – 29/03/17

The RegTech Association will officially launch tomorrow with a high-profile event in Sydney, where the first-of-its-kind group will be hosting an exclusive speaker panel, including some of the industry’s key influencers, movers and shakers; who will discuss the state of play and future opportunities for growing the RegTech eco-system in Australia and beyond. With an opening by Matt Symons, Red Marker CEO and RegTech Association Director, and moderated by Reinventure Group’s MD, Danny Gilligan, the audience of over 100 key stakeholders from major banks, start-ups and governing bodies will also hear from Lisa Schutz, CEO, Verifier; Karen Malzard, Head of Risk, ANZ Wealth and Anthony Quinn, CEO of

A new industry group to represent the emerging regulatory technology, or regtech, industry has been formed in order to encourage collaboration between start-ups and regulated companies as the rise of artificial intelligence technology points to a new age of proactive compliance monitoring.  Read full article…

Arctic Intelligence is featured in the RegTech Top 100 Power List: the most influential RegTech firms presented by PlanetCompliance – 21/03/17

Regulatory Technology aka RegTech is revolutionising how we deal with financial regulation. To overcome the old ways of spread sheets, smart start-ups as well as more established players use innovative technology like Artificial Intelligence or Blockchain to help banks comply with their regulatory obligations. The following list contains the most influential firms in the RegTech sector.

Financial crimes like fraud, money laundering, bribery, and corruption only make it onto the average person’s radar through either sensationalist news headlines concerning high powered politicians or business leaders, or crime procedurals on TV. However, these crimes – or, specifically, ensuring they don’t occur – can be costly, on-going headaches for thousands of businesses big and small across sectors varying from superannuation through to gambling.  Read full article…

Arctic Intelligence provides online auditing tools to help businesses manage compliance and risk – Startup Daily – 29/03/16 – Financial crimes like fraud, money laundering, bribery, and corruption only make it onto the average person’s radar through either sensationalist news headlines concerning high powered politicians or business leaders, or crime procedurals on TV. However, these crimes – or, specifically, ensuring they don’t occur – can be costly, on-going headaches for thousands of businesses big and small across sectors varying from superannuation through to gambling.  Read full article…

Stone & Chalk names resident start-ups – Australian Financial Review – 25/08/15 – Stone & Chalk, which is chaired by Westpac director Craig Dunn, has received more than $2 million in funding from the big end of town. Its foundation partners are: Allens, American Express, AMP, ANZ Banking Group, the ASX, Capital Markets CRC, FINSIA, Finzsoft (NZ), HSBC, IAG, IBM, KPMG, Macquarie Group, Oracle, Suncorp Bank, TAL, Thomson Reuters, Veda, Westpac Banking Corp and Woolworths. Read full article…

Finally, Stone & Chalk has opened its Australian fintech hubBusiness Insider Australia – 25/08/15 – Australian fintech hub Stone & Chalk is finally underway, opening its new Sydney office and revealing the first startups to join the community. It opens with 41 fintech startups, totalling 120 people, following an intense six-month selection process.“From the outset our aim has been to attract the highest quality fintech startups in Australia, co-locate them under one roof, and support fast tracking their growth to ultimately help them go global,” Stone & Chalk CEO Alex Scandurra said.  Read full article…

Founding residents of Stone & Chalk revealed – FinTech Business Stone & Chalk will comprise of 120 people in a 2,300 square metre “collaborative workspace”.  Former Barclays executive and Stone & Chalk chief executive Alex Scandurra said the aim of the hub is to fast track the start-ups’ growth and “help them go global”. “We have been inspired by the talent and diversity of the start-ups that have applied, and the potential to transform Australia’s multi-billion financial services sector,” Mr Scandurra said. Read full article…

Sydney fintech hub opens for business – Investor Daily – 25/08/15 – NSW Minister for Industry, Resources and Energy Anthony Roberts officially opened the Stone & Chalk hub last night. The initial start-up line-up spans a wide range of industries, from superannuation to predictive data analytics, as well as technologies, from consumer apps to cryptocurrencies, according to Stone & Chalk.

The foundation fintech start-ups include: Calibre Financial Technology, Crowd Money, easyshare, Ei8ht, Arctic Intelligence, Fincast, Foreign Exchange Central, FUNDEXA, Grow Capital, H2 Ventures, iDATS, Inamo, InstaReM, iungo.co, Macrovue, Mafematica, Metamako, Monetise, Moroku, Neu Capital, NexPay, Open Orbit, Ordermentum, Physi Secure, Piggy, Private Reporting, ProWise, Rental Cover, RainCheck, Reinventure, Simple KYC, SuperGuide, TradeFloor, VentureCrowd and Zetaris. Read full article…

Stone and Chalk opens with hopes to accelerate fintech growth in AustraliaStart-up Smart – 25/08/15 – Stone and Chalk, a new fintech hub that promises to help accelerate the development of Australian fintech startups, was unveiled in Sydney on Tuesday. “Digital disruption is transforming the financial services industry and there is much to be gained through greater collaboration between stakeholders in the fintech ecosystem. We are focused on brining to life our vision for Sydney’s fintech hub to support startups compete, thrive and lead on a world stage.” Stone & Chalk, Chairman Craig Dunn says. Read full article…

Stone & Chalk fintech hub opens today – KPMG – 25/08/15 Forty one of Australia’s highest potential fintech startups have been unveiled as Stone & Chalk opens its doors at 50 Bridge Street in Sydney’s CBD today. The Hon. Anthony Roberts, NSW Minister for Industry, Resources and Energy did the honours, officially opening the independent, not for profit fintech hub, which has ambitions to become the heart of fintech in Asia.

The inaugural 41 companies, totalling 120 people, have been selected following an intense six month process to identify world-class Australian fintech startups. Also revealed today is the 2300 square metre collaborative workspace that puts Australia squarely on the international map in the fast emerging fintech sector. Read full article…

Are financial crimes costing your business serious money? In a world first, Australian compliance ingenuity and technology enables businesses to rapidly and affordably audit and assess their risk exposure to financial crimes and then deliver actionable recommendations to undertake measures to eradicate these risks, minimising potential losses.

Every single day, major financial crimes, such as bribery, fraud, money laundering and tax evasion are committed costing businesses of all sizes billions of dollars per annum reaching unprecedented levels. Read full article…

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