Posts by Anthony Quinn
NAB may face heavy penalties after admitting money-laundering breaches
Hot on the heels of Westpac’s announcement three weeks ago that it has provisioned hundreds of millions of dollars for additional remediation costs and a potential fine by AUSTRAC, over its failure to report “a large number” of International Funds Transfer Instructions (IFTIs) it was NABs turn to make an announcement. In its annual report…
Read MoreNewsletter – 13 November 2019
What we’re hearing… Welcome to the November edition of our newsletter. Last month we provided some early insights from our AML Pulse survey. As a reminder the survey was designed to help regulated entities understand gaps in their AML Programs and ML/TF Risk Assessments, and responses from 12 industry groups spanning 10 countries were received.…
Read MoreProperty continues to be the AML weak link in Australia
Australia is still lagging behind global standards in the developed world when it comes to combating the flow of illicit money entering the property market. AUSTRAC has estimated that there were AUD$1billion worth of suspicious transactions in the Australian property market from China in the 2016 fiscal year. The Financial Action Task Force (FATF) has…
Read MoreThe Solicitor Regulation Authority: One in five UK law firms fails to comply with money laundering rules
Following the discovery of law firms not complying with anti-money laundering regulations, the Solicitor Regulation Authority (SRA) is planning to launch money laundering investigations into 7,000 law firms. Solicitor firms that fail to comply will potentially face enforcement action. In March 2019, the SRA wrote to 400 firms asking them to demonstrate compliance with the…
Read MoreArctic Intelligence expands global reach with a new UK based client
Arctic Intelligence has launched AML content tailored for UK and expanded its global presence with the addition of a new UK based client, Castle Harbour Securities. Castle Harbour, a boutique financial firm, offers a wide range of merchant banking services from their offices in London and Bermuda. Graham Cade, Chief Executive Officer, commented “Following a…
Read MoreAUSTRAC releases mutual banking sector money laundering and terrorism financing risk assessment
Yesterday, AUSTRAC released the Mutual Banking Sector Risk Assessment report which concluded that the mutual banking sector has a high level of vulnerability to financial crime with the main threat being money laundering and with the overall money laundering and terrorism financing risk assessed as medium. According to the report, the mutual banking sector has…
Read MoreAML/CTF and other legislation amendment bill 2019 introduced to federal parliament
The AML/CTF and Other Legislation Amendment Bill was introduced into Federal Parliament on the 17th October 2019. “The bill is the next phase of the government’s reforms to bolster our anti-money-laundering and counter-terrorism financing, or AML/CTF, regime, to prevent criminals from enjoying the profits of their illegal activities, and to stop funds falling into the…
Read MoreNewsletter – 15 October 2019
What we’re hearing… After launching Arctic’s free AML Pulse Check survey we received hundreds of responses from regulated entities across 12 industry sectors and 10 countries. This survey was designed to help regulated entities to understand where they might have gaps in their AML Programs and ML/TF Risk Assessments and this survey will remain open…
Read MoreArctic Intelligence presents at the RegTech association’s RegTech edge showcase
Regulated entities often face a challenge when sourcing technology best suited to their business. The RegTech Association designed the RegTech Edge program to help address this challenge. RegTech Edge provided an ideal environment for businesses to see a showcase of RegTech solutions including risk management, data analytics, operational efficiency and financial crime. The first of…
Read MorePayPal Australia ordered by AUSTRAC to have AML audit
AUSTRAC has ordered an external auditor be appointed by PayPal Australia to examine ongoing concerns regarding PayPal Australia’s compliance with the AML/CTF Act. In the next 120 days, the appointed external auditor must report on PayPal Australia’s compliance with According to a PayPal Australia spokesperson, PayPal has self-disclosed “an issue” relating to International Fund Transfer…
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