Insights

Property continues to be the AML weak link in Australia

Australia is still lagging behind global standards in the developed world when it comes to combating the flow of illicit money entering the property market. AUSTRAC has estimated that there were AUD$1billion worth of suspicious transactions in the Australian property market from China in the 2016 fiscal year.   The Financial Action Task Force (FATF) has…

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The Solicitor Regulation Authority: One in five UK law firms fails to comply with money laundering rules

Following the discovery of law firms not complying with anti-money laundering regulations, the Solicitor Regulation Authority (SRA) is planning to launch money laundering investigations into 7,000 law firms. Solicitor firms that fail to comply will potentially face enforcement action. In March 2019, the SRA wrote to 400 firms asking them to demonstrate compliance with the…

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Arctic Intelligence expands global reach with a new UK based client

Arctic Intelligence has launched AML content tailored for UK and expanded its global presence with the addition of a new UK based client, Castle Harbour Securities. Castle Harbour, a boutique financial firm, offers a wide range of merchant banking services from their offices in London and Bermuda. Graham Cade, Chief Executive Officer, commented “Following a…

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AUSTRAC releases mutual banking sector money laundering and terrorism financing risk assessment

Yesterday, AUSTRAC released the Mutual Banking Sector Risk Assessment report which concluded that the mutual banking sector has a high level of vulnerability to financial crime with the main threat being money laundering and with the overall money laundering and terrorism financing risk assessed as medium. According to the report, the mutual banking sector has…

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AML/CTF and Other Legislation Amendment Bill 2019 introduced to Federal Parliament

The AML/CTF and Other Legislation Amendment Bill was introduced into Federal Parliament on the 17th October 2019. “The bill is the next phase of the government’s reforms to bolster our anti-money-laundering and counter-terrorism financing, or AML/CTF, regime, to prevent criminals from enjoying the profits of their illegal activities, and to stop funds falling into the…

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Newsletter – 15 October 2019

What we’re hearing… After launching Arctic’s free AML Pulse Check survey we received hundreds of responses from regulated entities across 12 industry sectors and 10 countries. This survey was designed to help regulated entities to understand where they might have gaps in their AML Programs and ML/TF Risk Assessments and this survey will remain open…

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Arctic Intelligence presents at the RegTech Association’s RegTech Edge Showcase

Regulated entities often face a challenge when sourcing technology best suited to their business. The RegTech Association designed the RegTech Edge program to help address this challenge. RegTech Edge provided an ideal environment for businesses to see a showcase of RegTech solutions including risk management, data analytics, operational efficiency and financial crime.  The first of…

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PayPal Australia ordered by AUSTRAC to have AML audit

AUSTRAC has ordered an external auditor be appointed by PayPal Australia to examine ongoing concerns regarding PayPal Australia’s compliance with the AML/CTF Act. In the next 120 days, the appointed external auditor must report on PayPal Australia’s compliance with  Anti-Money Laundering/Counter-Terorrism Financing (AML/CTF) Program obligations  International Funds Transfer Instruction (IFTI) reporting obligations Record keeping obligations…

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Newsletter – 01 September 2019

What we’re hearing… Over the last month we have seen a fair bit of activity from the Australian Government and AUSTRAC in the run up to the follow-up mutual evaluation visit by the Financial Action Task Force (FATF), which is expected to start in November. The cynics among us could be forgiven for asking, why…

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Arctic Intelligence expands global reach with first North American client

Arctic Intelligence has expanded its global presence with the addition of its first North American client, Bendix Foreign Exchange and Payment Solutions. With operations in Canada and USA, Bendix Foreign Exchange is a leading provider of integrated foreign exchange and global payments solutions that conducts business globally. Mathew Varghese, Chief Compliance Officer, commented“Risk Management is…

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