Posts by Arctic Intelligence
Financial Crime Risk Assessment for TCSPs: Practical Steps
Introduction Trust and Company Service Providers (TCSPs) are vital intermediaries in the financial system, providing services such as the formation and administration of companies, trusts, and other legal structures. They are often involved in establishing and managing complex entities that can hold significant assets. While these services are essential for legitimate business activities, they also…
Read MoreCase Studies: How organised criminals have exploited trust and company services businesses to launder the proceeds of their crimes and how you can prevent this happening in your business
Introduction Trust and Company Service Providers (TCSPs) play a vital role in corporate structuring, estate planning, and financial administration, offering legitimate services to businesses and individuals worldwide. However, their ability to set up and manage trusts, shell companies, and offshore entities also makes them a prime target for organised criminals seeking to launder illicit funds.…
Read MoreHow do organised criminals exploit trust and company service providers to launder the proceeds of their crimes and what can you do to prevent this happening in your business?
Introduction Trust and Company Service Providers (TCSPs) play a crucial role in facilitating legitimate business activities by setting up companies, managing trusts, and providing financial administration services. However, their ability to establish and manage corporate structures, combined with privacy protections and international financial networks, makes them a prime target for organised criminals seeking to launder…
Read MoreAnti-Money Laundering 101: What do Australian Trust and Company Service Providers need to know about the AML/CTF Amendment Act 2024 and how can they start to prepare to comply?
Introduction In November 2024, the Australian Parliament enacted the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (AML/CTF Amendment Act), marking a significant expansion of the nation’s financial regulatory framework. This legislation extends AML/CTF obligations to include Trust and Company Service Providers (TCSPs), acknowledging the sector’s vulnerability to exploitation by financial criminals. As a TCSP,…
Read MoreTranche 2 in Practice: Key Challenges and Compliance Tips for Professionals
Introduction Tranche 2 professions—lawyers, accountants, real estate agents, and trust and company service providers (TCSPs)—play a pivotal role in the global fight against financial crime. These gatekeepers are tasked with identifying and mitigating risks associated with money laundering, terrorism financing, and other illicit financial activities. However, implementing anti-money laundering (AML) and counter-terrorism financing (CTF) measures…
Read MoreThe Rise of Collaborative Financial Crime Risk Management
Introduction In the fight against financial crime, collaboration has emerged as a critical strategy. Financial crime is increasingly global and complex, often involving networks of actors across jurisdictions. Governments, regulators, and private organisations recognise the need for a unified approach to address these challenges. This blog explores the rise of collaborative financial crime risk management,…
Read MoreCase Studies: How organised criminals have exploited accounting professionals to launder the proceeds of their crimes and how you can prevent this happening in your business
Introduction Accounting professionals play a crucial role in financial oversight, tax compliance and corporate governance. However, their expertise and access to financial systems, corporate structures, and tax strategies also make them attractive targets for organised criminals seeking to launder illicit funds. Criminals have exploited accountants, auditors, and financial consultants to disguise illicit wealth, falsify financial…
Read MoreHow do organised criminals exploit accounting professionals to launder the proceeds of their crimes and what can you do to prevent this happening in your business?
Introduction Accounting professionals play a crucial role in financial management, compliance, and advisory services for businesses and individuals. However, their access to sensitive financial information and ability to legitimise transactions make them attractive targets for organised criminals seeking to launder illicit funds. Criminal organisations exploit accounting firms, auditors, and financial consultants to disguise the origins…
Read MoreAnti-Money Laundering 101: What do Australian Accounting Professionals need to know about the AML/CTF Amendment Act 2024 and how can they start to prepare to comply?
Introduction In November 2024, the Australian Parliament passed the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (AML/CTF Amendment Act), marking a significant overhaul of the nation’s financial regulatory framework. This legislation aims to enhance Australia’s ability to deter, detect, and disrupt money laundering and terrorism financing activities. Notably, it extends AML/CTF obligations to include…
Read MoreThe Role of ESG in Financial Crime Risk Assessments
Introduction Environmental, social, and governance (ESG) considerations are reshaping the business landscape, influencing everything from investment decisions to compliance strategies. Financial crime risk assessments are no exception. As regulators, investors, and consumers demand greater accountability, businesses are increasingly integrating ESG factors into their financial crime frameworks. This blog examines the intersection of ESG and financial…
Read More