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Published Articles

General Risk Management

Facing the Reg Tech wave in financial crime – Quarterly GRC Professional – December 2016 – Anthony Quinn – Though it has been stated that regtech is the new fintech, it is different in one fundamental aspect: it is not there to compete but to facilitate GRC frameworks in organisations and to make them more efficient.

According to Richard Gluyas at The Australian, Treasurer Scott Morrison said that “The automation of compliance with regtech has the potential to overcome individual foibles and human error in a way that provides the quantum leap in culture and compliance that our regulators, customers, policymakers and the community are increasingly demanding.”

This would suggest regtech has grown overnight. In fact, regtech simply means ‘regulatory technology’ and has existed in some form for many years.

“We have been developing what we have been developing for the last four years, way before even hearing the term regtech,” Anthony Quinn CEO of Arctic Intelligence.

He said that from his perspective, it is a good thing because finally, there is a platform to showcase what his company is doing and why they think regtech is important.

“We codify regulations, take them from the rule books of different regulations like AML, and then put them into our platform,” Quinn explained. “Then, we have people go through those and assess how their internal policies map against that particular external obligation, and what the risks are of getting it wrong. What are the potential consequences of failing to meet that compliance obligation?

“Broadly, what we are trying to do is apply smart technology to regulations to make it easy for regulators and regulated entities to comply with and identify where their gaps are so they can track, manage and report them,” Quinn added .Read full article…

Haven to Hell – GRC Professional, Australian Compliance Institute – May 2016 – Anthony Quinn – On 3 April 2016, an unprecedented leak of over 11.5 million documents and 2.6 terabytes of information after the database of one of the world’s most secretive companies, Panamanian law firm Mossack Fonseca was hacked and passed to the International Consortium of Investigative Journalists (ICIJ), which was reviewed by over 370 investigative journalists from 100 news organisation’s in 76 countries and was broadcast to the world which overnight became known as the ‘Panama Papers’.

In this article, we will examine some of the explosive revelations that this leak has exposed so far, the implications for those involved in offshore tax havens and what it means for financial institutions in understanding their exposure to the ongoing shockwaves that are rippling around the world right now.Read full article…

Risk Assessments – GRC Professional, Australian Compliance Institute – Winter 2014 – Anthony Quinn – Over the last few years, international regulators have tended to move away from traditional prescriptive regulation to risk-based approaches across a range of sectors and disciplines.  The risk-based approach offers organizations a number of benefits over traditional one-size-fits-all approaches, including the ability to focus resources on the areas of highest risk first.The risk-based approach recognizes that not all risks are the same and introduces the concept of proportionality, whereby organizations can introduce mitigating controls that are appropriate and proportionate to the identified risks.  This means that compliance can be achieved in the most cost-effective and efficient manner. Read full article…

What is the value to your clients of intelligent GRC software and will the day come when technology surpasses the human factor? – Round table – GRC Summer 2013-Risk-Management-Systems – Anthony Quinn – Over the last decade or so, most financial institutions will have made significant investment in risk management systems in response to regulatory requirements and as a result of operating in increasingly complex, global business environments.  However, systems alone are simply not enough.  The human factor is critical in effectively managing risk.  Read full article…

Money Laundering and Terrorism Financing

Will Tranche 2 ever happen? – GRC Professional, Australian Compliance Institute – Feb-Mar 2016 – Anthony Quinn – As the clock ticks over into 2016, nearly a decade on from when the AML/CFT Act was first introduced into Australia, I wanted to examine the potential future shape of the AML/CTF Act, following both the FATF Mutual Evaluation report published last year, and the Statutory review of the AML/CTF Act 2006.

In particular, I wanted to look into whether AML/CTF laws in Australia are any closer to applying to Designated Non-Financial Businesses and Professions (DNFBPs), for example, accountants and trust services businesses, lawyers, real-estate agents and high-value dealers, such as precious metals, luxury cars or boat dealers – and if so, what the likely timing and implications will be on these gate-keepers or Tranche 2 businesses as they are commonly known. Read full article…

Australian AML laws in spotlight – GRC Professional – December ’14 – Anthony Quinn – When the AML/CTF Act, was first introduced in December 2006, there was a clause (s251) in the legislation that required a statutory review of the AML/CTF Rules after seven years to re-assess whether the AML/CTF regime was effective at reducing money laundering and terrorism-financing.Following a review of the AML/CTF rules earlier this year, which included an industry consultation process, AUSTRAC introduced new customer due diligence rules, which came into effect on 1 June 2014, and which are subject to an assisted compliance period, ending 31 January 2015, when all reporting entities must be fully compliant with the new rules. Read full article…

AUSTRAC reporting obligations for advisers – Kaplan Professional Development Series – April ’14 – Dr Hugh McDermott and Anthony Quinn – Financial advisers who offer designated services defined by the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) have four key reporting obligations to the Australian Transaction Reports and Analysis Centre (AUSTRAC).These are to provide reports on: suspicious matters, threshold transactions and international funds transfer instructions, as well as annual AML/CTF compliance reports.  The obligations are backed up by mandatory procedures such as AML/CTF training for staff and ongoing customer due diligence.Despite the range of risk-mitigation systems and controls that financial advisers often have in place to combat money laundering and terrorism financing risks, one of the biggest challenges of complying with the AML/CFT Act is the ethical issue of reporting a client with whom they have a long relationship history and the source of ongoing fees and commissions, of suspected wrongdoing.  Read full article…

Understanding the AML/CTF Act – Kaplan Professional Development Series – March ’14 – Dr Hugh McDermott and Anthony Quinn – The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 was designed to protect the integrity of the Australian financial system by establishing a set of risk-based procedures and controls to reduce the risks to reporting entities, including financial institutions, from laundering the proceeds of crime.  It places an onus on service providers, such as financial advisers, to take certain measures to detect clients engaging in unusual or suspicious activities.

These risk-based procedures and controls include: setting up an AML/CTF program, appointing a money laundering reporting officer, conducting customer due diligence prior to offering designated services, watch list screening and ongoing monitoring of transaction activity; and where appropriate, the reporting of suspicious matters.  Read full article…

Sanctions

Money Laundering Bulletin December ’14 – Power Broking: Iranian Sanctions and Conflict in the Middle East – Paul Cochrane, featuring Anthony Quinn – Negotiations at the end of November on whether limited relaxation of sanctions on Iran should be extended into 2015 will be coloured not only by evidence of the country’s non-military nuclear intentions but also its role as a potential ally in the fight against Islamic State. Read full article…

Foreign Account Tax Compliance Act

Commercial Crime International July ’14 – Compliance is the big question as FATCA law enters force – Paul Cochrane, featuring Anthony Quinn – The United States’ Foreign Account Tax Compliance Act (FATCA) is to go into force on July 1. Aimed at curbing tax evasion by US citizens around the world, foreign financial institutions (FFIs) are required to report on US account holders, but over 200,000 FFIs and 123 countries have not yet signed up. This has raised issues about implementation, as certain non-compliant jurisdictions may try to attract US tax evaders. Read full article…

FATCA Round-Up – GRC Professional, Australian Compliance Institute – Spring 2013 – Anthony Quinn – There have been a number of interesting developments with regards to the Foreign Account Tax Compliance Act (FATCA).  FATCA, for the uninitiated, is a US law designed to increase reporting to the US Internal Revenue Service (IRS) of US taxpayers who hold financial accounts with Foreign Financial Institutions (FFIs). Read full article…

FATCA: IRS announce extension to implementation dates – GRC Professional, Australian Compliance Institute – Winter 2013 – Anthony Quinn – The Foreign Account Tax Compliance Act (FATCA) requires financial institutions to use enhanced due diligence procedures to identify US persons who have invested in either non-US financial accounts or non-US entities.  The intent behind FATCA is to keep US taxpayers from hiding income and assets overseas.Most FATCA provisions were expected to take effect in the middle of 2013, but delays still persist.In July, just three days prior to the first deadline under the legislation, the US Internal Revenue Service extended most implementation dates for FATCA compliance for at least six-months.  Read full article…

FATCA:  The final regulations have landed – let the games begin, Thomson Reuters – 29 Jan ’14, Anthony Quinn – In January 2013, the United States Treasury Department released the final regulations relating to the U.S. Foreign Account Tax Compliance Act (FATCA) on the Federal Register.  The final regulations came almost 12 months after the proposed regulations were first issued for consultation.The final regulations cover 544 pages, the majority of which comprises sections 1471 to 1474 of the Internal Revenue Code (which is also referred to as Chapter 4).  Within the final regulations there are 115 pages alone dedicated to summarising the key changes that the U.S. Treasury Department has either adopted or chosen to overlook.  Read full article…

FATCA: Commencement date delay announced, Anti-Money Laundering Magazine – December 2013, Anthony Quinn  – On 24 October 2012, the Internal Revenue Service (IRS) released Announcement 2012-42 Timelines for Due Diligence and Other Requirements Under FATCA, which delays certain deadlines under the Foreign Account Tax Compliance Act (FATCA).In essence, the announcement provides new timelines for Foreign Financial Institutions (FFIs) and United States Financial Institutions (USFIs) to complete due diligence and certain other requirements.  Read full article…

FATCA:  Spotlight on the Model IGA, Anti-Money Laundering Magazine – October 2013, Anthony Quinn – In February 2012, when the US Treasury Department issued the proposed Foreign Account Tax Compliance Act (FATCA) regulations, it was accompanied by a joint statement by five European countries that announced their intention to become FATCA Partner countries by signing a memorandum of understanding (MOU) with the US Treasury Department.In late June 2012, Switzerland and Japan announced that they too would join the UK, France, Italy, Germany and Spain in becoming FATCA Partner countries but at that stage, apart from a brief MOU template, the precise details of what this would contain were vague.  Read full article…

FATCA:  The saga continues (part II), Anti-Money Laundering Magazine – August 2012, Anthony Quinn – Over the past few months, there has been a flurry of FATCA activity – including more than 110 submissions to the US Treasury Department from concerned industry groups, financial institutions, individuals and other lobby groups.  This culminated in a one-day public hearing held in Washington on 15 May.The IRS has also released further guidance on the FATCA registration process and issued drafts of the new W-8 BEN forms in addition to the inter-government agreements (IGAs) announcements between the US and Japan and Switzerland. Read full article…

FATCA:  The saga continues (part I)Anti-Money Laundering Magazine – May 2012, Anthony Quinn – Since the proposed FATCA regulations were issued on 8 February 2012, there have been quite a few people burning the midnight oil to digest and understand the draft regulations so that a formal response could be submitted to the US Treasury by the 30 April 2012 deadline.The next stage in the process was a public hearing being scheduled for 15 May in Washington to provide a platform for industry groups and others to have their voice heard.  Read full article…

FATCA:  Are we having fun yet?, Anti-Money Laundering Magazine – February 2012, Anthony Quinn – Anyone who has been involved in designing, building, deploying or ultimately managing an anti-money laundering and counter-terrorism financing (AML/CTF Program) and has lived to tell the tale will agree on at least one thing – what appears to be relatively straightforward in theory is a great deal more complex to implement in practice, such is the diverse and multifaceted nature of financial service businesses today. Six years on – and with many reporting entities still refining, tweaking, re-designing and enhancing their AML/CTF Programs – these same bodies are staring down the barrel of a potentially larger and more complex compliance program called the Foreign Account Tax Compliance Act (FATCA). Read full article…

Webinars

Key FATCA Implementation Challenges – 13 November 2015 – Anthony Quinn and Ross McGill – In this podcast, Ross McGill from T-Consult speaks to Anthony Quinn from Arctic Intelligence to explore the issues involved with implementing tax compliance programs, the key challenges of implementing FATCA and the risks of non-compliance.  The full series of withholding tax podcasts can be found on www.witholding-tax.info

LexisNexis – Emerging technology and its impact on GRC – 22 February 2013 – Anthony Quinn, Matthew Lawrence and Mark Dunn –This webinar was facilitated by Aaron Cleavely-Millwood and involved a discussion on the impacts of emerging technology in the Governance, Risk and Compliance (GRC) space and covered; Surveillance and Monitoring, New Payment Technology, Bring Your Own Device (BYOD), Big Data, Cyber Security and IP protection/Information privacy.

Anti-Money Laundering Magazine and the Australian Financial Markets Association (AFMA) – 24 November 2011 – FATCA and AML – The Hard Yards of Implementation – Anthony Quinn and Edward Doyle – This webinar was facilitated by Joy Geary and involves a discussion on the similarities and differences between the Foreign Account Tax Compliance Act (FATCA) and Anti-Money Laundering and Counter-Terrorism Financing (Act) and the challenges that Foreign Financial Institutions (FFIs) can expect to face during the design, build and implementation of FATCA compliance programs – Click here for the presentation.

Anti-Money Laundering Magazine and the Australian Financial Markets Association (AFMA) – 29 September 2011 – FATCA and AML – Anthony Quinn, Eileen Vuong and Neil Jeans This webinar was facilitated by Joy Geary and involves a discussion on the core obligations under the Foreign Account Tax Compliance Act (FATCA) and the expected impact on Foreign Financial Institutions (FFIs) including how existing AML capabilities can be leveraged to accelerate compliance – Click here for the presentation.