Posts by Arctic Intelligence
EU update – June 2020
UK regulator issued second largest fine for AML failings. The FCA has fined Commerzbank London £37,805,400 over anti-money laundering failures between 2012 and 2017. The original fine was reduced from £57,007,800 as Commerzbank agreed to resolve the matter at an early stage Commerzbank breached Principle 3 of the FCA’s Principles for Businesses, which requires firms…
Read MoreCustomer insights – June 2020
In industry news, AUSTRAC has announced the deadline for 2019 compliance reports is 30 June 2020, extended from 31 March, due to the impact of COVID-19. And small to medium businesses restricted from opening during COVID-19 will not be penalised for missing the deadline. Meanwhile in New Zealand, the DIA has extended the timeframe for…
Read MoreNews in brief – June 2020
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Read MoreCOVID-19 demise of cash: turning a threat into a technological opportunity
Opportunities Many Financial Crime articles and webinars are inadvertently conveyed an ancient proverb; “With every crisis there is opportunity”. Coronavirus crisis lands opportunity for both nefarious actors and compliance teams. Including those who rely on resources to build RegTech to collate, analyse, detect, investigate, and report, in an ever-trusting co-dependency of man and machine. COVID-19…
Read MoreArctic Intelligence welcomes new client African Bank Limited
Arctic Intelligence is delighted to announce African Bank Limited’s (ABL) recent procurement of their AML solution, AML Accelerate. As a global RegTech firm, Arctic Intelligence has designed risk assessment and audit and assurance solutions pertaining to financial crime risk and compliance matters to help regulated entities manage their compliance obligations. African Bank joins hundreds of…
Read MoreMay 2020 note from CEO
One of the positives to come from COVID-19 is having a bit of extra time to reflect on everything that is going on in the world and to spend some time reading articles, listening to podcasts, tuning in to webinars and catching up with clients, colleagues and partners. Of the webinars I tuned in to…
Read MoreCustomer insights – May 2020
Historically, we’ve seen our customers conduct their risk assessments on an annual basis. In the past 6 months this has changed and we are now seeing assessments completed more frequently. What has driven the shift? The latest version of our Risk Assessment Platform has been released, with the enhanced functionality enabling customers to conduct risk assessments…
Read MoreNews in brief – May 2020
The impacts of COVID-19 continue to arise globally and we see countries and regulatory bodies implementing and enforcing new measures to minimise the implications of financial crime and in particular anti-money laundering (AML). In such a turbulent economy, the adaptation of AML solutions is increasingly becoming a norm as businesses look to further protect their…
Read MoreEU update – May 2020
Earlier this month the EU announced it had put forward a series of measures designed to further strengthen the EU’s framework to fight against money laundering and terrorist financing. An Action Plan for a Comprehensive EU policy on Preventing Money Laundering and Terrorist Financing. This comes after a turbulent few year for a few Member…
Read MoreFintech Global – how Arctic Intelligence went from being a side hustle to leading the Australian RegTech revolution
Anthony Quinn shares the journey of his start up regtech company from inception to now. Follow us on LinkedIn and Twitter for a daily dose of financial crime news across the globe.
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