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Insights

EU Update – July 2021

Arctic Intelligence | EU/UK Update

Business Wide Risk Assessments are a hot subject We recently wrote about the Dear CEO letter sent by the FCA to Retail banks naming the Business Wide Risk Assessment (BWRA) as an area of concern and one that they need to see significant improvements in. Financial Services aren’t the only firms failing under scrutiny for…

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News in Brief – July 2021

Arctic Intelligence |

Americas The Internal Revenue Service (IRS) is cracking down on crypto-asset tax evasion with virtual currencies and non-fungible tokens. Although designed to be invisible, this scrutiny also aims to identify users who use crypto to launder funds Commission-free stock mobile trading platform Robinhood fined $70m by Financial Industry Regulatory Authority (FINRA) for “systemic supervisory failures…

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Customer Insights – July 2021

Arctic Intelligence | Customer Insights July 2021

July was full of updates, with the Risk Assessment Platform updated to v1.10, recent regulatory updates from DIA incorporated into the AML Accelerate AML Policy template and CDD Standards template, and the addition of Proliferation Financing risks to AML Accelerate and Risk Assessment. This month we also hosted the AML Accelerate APAC User Forum 2021.…

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News in Brief – June 2021

Arctic Intelligence | News in Brief June 2021

AMERICAS Stephen Calk, founder and former CEO of The Federal Savings Bank, is being prosecuted in New York for bribery. He is accused of approving multi-million dollar loans to fund Trump’s 2016 campaign in exchange for a White House appointment. Find out about more about our anti-bribery and corruption solution here. Former CANNTRUST executives charged…

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EU Update – June 2021

Arctic Intelligence | EU Update June 2021

The FCA recently sent a strong worded Dear CEO letter in relation to Financial Crime The letter covers several areas where the FCA are continuing to see firms failing to comply with ML regulations for a number of reasons.  There is a common theme throughout, naming a failure to identify risks across differing business units…

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Customer Insights – June 2021

Arctic Intelligence | Customer Insights June 2021

This month we updated the AML Accelerate Australian AML Program/Policy template to incorporate recent reforms to the AML/CTF Act, meanwhile, the Risk Assessment platform introduces a new Fraud risk model. We are also seeing exciting use of the Risk Assessment platform to create risk models for everything from Climate Change to Information Security (ISO). AUSTRAC has…

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Dear CEO… FCA address repeat compliance failings

Arctic Intelligence | FCA send warning to those with financial crime compliance failings

The FCA recently sent a strong worded Dear CEO letter in relation to Financial Crime. The letter covers several areas where the FCA are continuing to see firms failing to comply with ML regulations for a number of reasons.  There is a common theme throughout, naming a failure to identify risks across differing business units…

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What we are hearing – May 2021

Arctic Intelligence | What we're hearing - May 2021

It’s been another big month of financial crime news… In Europe, the largest mafia trial in 30 years is under way with 350 defendants including politicians and public officials.  The Italian mafia’s estimated annual turnover is around £44bn (larger than Deutsche Bank and McDonalds combined!), making them one of the richest criminal organisations in the…

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Customer Insights – May 2021

Arctic Intelligence | Customer Insights - May 2021

Risk Assessment v1.9 is now live with exciting new features and quality of life improvements to the platform. Thanks to our wonderful community of users who provide feedback, this input feeds directly into our roadmap, contributing to a product rich in features and functions to make risk assessments as easy as 1-2-3. Release v1.9 Feature…

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