Posts by Arctic Intelligence
April 2020 news in brief
We have witnessed a paradigm shift in financial crime activity and the vulnerabilities across different industry sectors have increased. Many regulators and governments are responding however the responsibility lies with each business to ensure they are protecting their business from money laundering and terrorist financing schemes. We have collated some of the latest AML/CTF news…
Read MoreApril 2020 note from CEO
It’s been a while since our last newsletter, and it is hard to comprehend all that has changed in such a short period of time. Due to COVID-19, our personal and business lives are being disrupted in unprecedented way’s and we face significant challenges and an uncertain future. Unfortunately, during chaotic times like these, there…
Read MoreThe role of designated non-financial services businesses in laundering funds in Australia
OPINION: At the present time Australia’s anti-money laundering and counter-terrorism financing laws do not apply to certain designated non-financial services businesses (DNFSBs), which is a major vulnerability against efforts to thwart financial crime. This article today has it all: a $10 million payment to buy a luxury waterfront mansion in Brisbane made by ASX-listed Horizon…
Read MoreWestpac plan for a $900M fine after AML/CTF breach
OPINION: Today Westpac indicated that it expects to suffer write-offs of $1.4bn against its first-half earnings, with $900m of this amount being what the bank expects to pay to settle its 23 million breaches of the anti-money laundering and counter-terrorism financing laws. Westpac also indicated that $500m in write-offs would be for improving its compliance…
Read MoreUK FCA unveils 2020/2021 business plan
OPINION: Earlier this week the UK’s Financial Conduct Authority (FCA) issued its business plan for 2020-2021, which outlines their priorities for the financial year including the industry sectors that it will focus its attention on, its key financial crime prevention priorities and specific activities it plans to undertake. The FCA’s key priorities are threefold:- sharing…
Read MoreAnti-money laundering law breaches
OPINION: BREAKING BAD (NEWS) – While the world is in panic there has probably never been a better time to break some bad news and yesterday it was HSBC Australia’s turn to self report compliance breaches to AUSTRAC. At this point in time it is unclear what obligations the compliance breaches relate to, how many…
Read MoreWhat is the true cost of financial crime compliance?
OPINION: Earlier this week LexisNexis Risk Solutions released the results of its global True Cost of Financial Crime Compliance Study which polled nearly 900 financial crime compliance decision makers and found that financial institutions spent $181 billion on financial crime compliance last year. In Europe, financial institutions spent 3 to 4 times ($137bn) what their nearest…
Read MoreRisk management during COVID-19
OPINION: Last week, the President of FATF has issued a statement encouraging the governments of FATF-member countries to utilise the principles of the risk-based approach in addressing challenges presented by COVID-19, as well as, remaining vigilant to new and emerging threats resulting from an increase in fraud and exploitation scams including trafficking in counterfeit medicines,…
Read MoreGRC professional podcast – risk assessments
Anthony Quinn talks about the fundamental elements of risk assessment. Follow us on LinkedIn and Twitter for a daily dose of financial crime news across the globe.
Read MoreThe regulatory environment for public practitioners
Anthony Quinn talks about the impact AML has had on New Zealand firms and discussed what Aussie practitioners can look forward to in the industry’s future. Follow us on LinkedIn and Twitter for a daily dose of financial crime news across the globe.
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