Posts by Arctic Intelligence
It’s time to close the money laundering loopholes in Australia’s real-estate sector
There is irrefutable evidence that organised criminal networks are widely using Australia’s real-estate sector to launder the proceeds of crimes. And in the Panama Papers leak of over 11.5 million documents found there were over 320,000 offshore entities established between 1977 and 2015, with over 1,700 officers (directors, shareholders and/or beneficiaries) and 1,400 addresses connected…
Read MoreArctic Intelligence teams up with Fintelekt to bring enhanced risk assessment capabilities to the Asia pacific region
Arctic Intelligence has partnered with Fintelekt Advisory Services in a move designed to build a stronger and safer financial ecosystem. Fintelekt is a specialist provider of AML/CTF training and advisory services. Its goal is to equip banks, institutions, regulators, law enforcers, governments, and stakeholders with the skills required to be more effective and efficient in…
Read MoreAustralia’s proposed tranche 2 laws lack the regulation of the high-value goods dealers sector
The Department of Home Affairs (DFAT) published a paper back in 2016 that focussed on the significant risks of organised criminal networks laundering funds through high-value goods dealers, such as precious metal and jewellery, art and antiquities, motorised vehicle dealers and luxury goods dealers. In this paper, DFAT noted, “The regulation of HVDs under the…
Read MoreArctic Intelligence responds to proposed AML/CTF reforms
On 20 April 2023, the Attorney General’s Department (AGD) announced a public consultation of proposed reforms to Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime. The proposed reforms include extending the existing AML/CTF legislation to capture additional ‘tranche-two’ high risk entities including lawyers, accountants, trust and company service providers, real estate agents and dealers in…
Read More6 reasons why you need a robust enterprise-wide AML/CTF risk assessment
6 reasons why you need a robust enterprise-wide AML/CTF risk assessment In the dynamic landscape of global business, organisations face escalating compliance regulations. As a result, enterprise-wide money laundering risk assessments are more important than ever for regulated businesses, regardless of their size, industry sector or geographic location. Why your business must prioritise enterprise-wide money…
Read MoreFCA warns many payments firms risk harm to their customers and the financial system
FCA warns many payments firms risk harm to their customers & the financial system. On the 16 March 2023, The UK’s Financial Conduct Authority (FCA) sent out its latest “Dear CEO” letter. While the conduct regulator softened up its audience first by complimenting it on the competition and innovation it had observed in the payments…
Read MoreFinancial crime risk and compliance trends in 2023
The rapid increase in the number of compliance failures related to financial crime risk management has highlighted the importance that regulated businesses place on managing these risks more effectively. Against this backdrop of increased regulatory scrutiny is a constantly evolving threat and risk landscape, with organised criminal networks using more innovative techniques to launder the…
Read MoreRisk Assessment Techniques for Financial Crime Management
In this episode of RegTech Round-up, Charlene Sebastian, Head of Client Success at MinervaAI and strategic advisor to the Canadian RegTech Association (CRTA), talks with Anthony Quinn, Founder and CEO of Arctic Intelligence Follow us on LinkedIn and Twitter for a daily dose of financial crime news across the globe.
Read MoreRegTech Round-up By Canadian RegTech Association
RegTech Round Up brings thought leaders and technology professionals within the Canadian RegTech community together to discuss current regulatory challenges and emerging technology trends and solutions. Follow us on LinkedIn and Twitter for a daily dose of financial crime news across the globe.
Read MoreLawyers, Accountants, Real estate agents in scope of new AML/CTF laws
An announcement about Australia’s Tranche 2 anti-money laundering laws is likely at the end of this month. This will be in response to recommendations from the Senate AML/CTF enquiry and will outline the government’s position on Tranche 2 laws, a beneficial ownership register, and a consultation timetable with AML/CTF ‘gatekeeper’ professions. Australian anti-money laundering and…
Read More