Insights
News in Brief – August 2020
The world in which we live has become a constant state of uncertainty so we wanted to provide you with actionable steps to fighting financial crime and assessing your risks. We are preparing a 3-part webinar series in partnership with Financial Crime Risk Management Consultants to discuss a pragmatic approach to financial crime risk management…
Read MoreLost time is never found again
OPINION: A recent LinkedIn post from Jim Richards, the Founder of RegTech Consulting LLC explored the clear disconnect between the length of time regulators think it takes regulated entities to complete money laundering risk assessments and maintain compliant AML programs and the actual time that it takes them. Jim ran the numbers and it clearly…
Read MoreEU Update – August 2020
Online Real estate agent fined for breaching UK AML regulations Purplebricks were fined £266,793 by HMRC for breaching UK anti-money laundering rules. This can only shine a brighter light on the real estate sector as a whole, high street and online alike.The description of these breaches was stated by HMRC as “failures in carrying out…
Read MoreBanking Sector Financial Crime News
All that glitters is not Gold(man) OPINION: On 28 July 2020, Najib Razak the ex-Malaysian Prime Minister was convicted of all seven charges in the multi-billion dollar 1MDB scandal and received a 12-year jail sentence and a hefty £39 million fine. The US Justice Department believes that more than £3.5 billion was stolen from the…
Read MoreAugust 2020 Note from CEO
In the last month or so there was so much media coverage of financial crime issues that I can’t recall a busier month this year. It is clear from the mainstream and social media coverage that there is growing public interest in financial crime and the important role that regulated financial and gaming companies have…
Read MoreJuly 2020 Note from CEO
As we continue to watch the rapid acceleration of covid-19 both in Australia and overseas create wide-reaching impacts on our business and personal lives it is hard to see a return to anything that resembles business as usual anytime soon. As with any crisis there are always opportunists looking to make a fortune from others…
Read MoreNews in Brief – July 2020
COVID-19 continues to take it’s toll on the global economy as the virus is spreading across different countries rapidly and continues to pave new avenues for financial criminals to take advantage of. Some countries have been able to manage the spread and are now enjoying the reprieve. There have also been recent financial crime breaches…
Read MoreEU Update – July 2020
MALTA: Malta is at risk of being the first EU country to be grey listed by Moneyval Prime Minister Robert Abela has tried to reassure MPs and the public that he is confident they will pass the assessment due to take place in October. MFSA CEO Joseph Cuschieri has said the regulator is ready to bolster its…
Read MoreCustomer Insights – July 2020
It’s been a busy month as we developed and released the latest version of AML Accelerate, hosted the first in a series of User Forums, welcomed a host of new users, and responded to some great questions from our community. Product News We’re pleased to announce the latest update to AML Accelerate. The new release…
Read MoreAchieving AML/CTF compliance in the legal sector
OPINION: NEW ZEALAND DEPARTMENT OF INTERNAL AFFAIRS PUBLISH FINDINGS ON AML/CFT COMPLIANCE IN THE LEGAL SECTOR: On 21 July 2020, the New Zealand Department of Internal Affairs (DIA) published the findings for the legal sector (law firms and sole practitioners) on the compliance assessments that it had carried out between January 2019 and January 2020. …
Read More