Posts by Arctic Intelligence
How do organised criminals exploit real estate professionals to launder the proceeds of their crimes and what can you do to prevent this happening in your business?
Introduction The real estate sector is a prime target for organised criminals looking to launder the proceeds of their crimes. High-value transactions, complex ownership structures, and a lack of transparency in some jurisdictions make real estate an attractive avenue for money laundering. Criminal organisations can exploit businesses operating in the sector – including real estate…
Read MoreAnti-Money Laundering 101: What do Australian Real Estate 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 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 real estate professionals, acknowledging the sector’s vulnerability to exploitation by organised criminals. As a real estate professional, understanding…
Read MorePenalties for Non-Compliance: Lessons from Enforcement Actions Against Gatekeepers
Introduction Gatekeepers such as lawyers, accountants, real estate agents and trust and company service providers (TCSPs) occupy critical roles in the global financial ecosystem. Their services are essential for facilitating legal, financial, and property transactions, but these professions also carry significant anti-money laundering (AML) and counter-terrorism financing (CTF) obligations. When gatekeepers fail to meet these…
Read MoreTechnology and Automation in AML Compliance for Gatekeepers
Introduction As financial crimes grow more sophisticated, gatekeepers such as lawyers, accountants, real estate agents and trust and company service providers (TCSPs) face increasing pressure to meet stringent anti-money laundering (AML) and counter-terrorism financing (CTF) obligations. While these professions play a vital role in detecting and preventing illicit financial activities, traditional methods of compliance often…
Read MoreCompliance Culture in Tranche 2 Professions: Building Awareness and Accountability
Introduction Tranche 2 professions, including lawyers, accountants, real estate agents and trust and company service providers (TCSPs), are integral to global efforts against money laundering, terrorism financing, and other financial crimes. These gatekeepers occupy critical positions, often facilitating transactions or structures that can be exploited for illicit activities. The emergence of increasingly sophisticated financial crime…
Read MoreGlobal Trends in Financial Crime Risk Management: Adapting to Evolving Threats
Introduction In a rapidly shifting global environment, financial crime has become increasingly sophisticated, transcending borders and exploiting technological advancements. To counter these threats, businesses worldwide are refining their financial crime risk management frameworks, adapting to dynamic regulatory landscapes, and leveraging emerging technologies. This blog explores the latest global trends shaping financial crime risk assessments and…
Read MoreHow Criminals Exploit Gatekeepers: Understanding Common Typologies
Introduction Gatekeepers such as lawyers, accountants, real estate agents, and trust and company service providers (TCSPs) serve critical roles in facilitating legitimate financial and business transactions. However, their services are also exploited by criminals seeking to launder money, evade taxes, or finance illegal activities. Gatekeepers often have direct access to sensitive financial and legal information,…
Read MoreRisk-Based Approach to AML Compliance for Gatekeeper Professions
Introduction The Risk-Based Approach (RBA) to Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) compliance is fundamental to ensuring that gatekeeper professions such as lawyers, accountants, real estate agents and trust and company service providers (TCSPs) effectively mitigate money laundering and terrorism financing risks. Unlike rigid, one-size-fits-all frameworks, the RBA allows gatekeepers to focus their resources…
Read MoreAnti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations for Tranche 2 Professions: A Global Overview
Introduction Anti-money laundering (AML) and Counter-terrorism financing (CTF) regulations have undergone significant evolution over the last few decades, expanding their scope to encompass designated non-financial businesses and professions (DNFBPs) or collectively referred to as “Tranche 2” professions. These include lawyers, accountants, real estate agents and trust and company service providers (TCSPs). As gatekeepers to the…
Read MoreThe role of gatekeepers in combating money laundering and terrorism financing
Money laundering and terrorism financing represent significant threats to global financial stability and security. As criminals and terrorist organisations increasingly exploit sophisticated financial institution’s systems to obscure illicit financial flows, the role of gatekeepers has become paramount. Gatekeeper professionals, including legal professionals, accountants, real estate agents and trust and corporate service providers (TCSPs) often serve…
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