Insights
News in Brief – June 2020
AUSTRAC annual compliance report is due 30th June AUSTRAC’s has made an example of one of the large 4 banks and other regulated firms are looking to ensure their affairs are in order to avoid the scrutiny and fines FCA fines Commerzbank AG (London branch) £37,805,400 over anti-money laundering failures European Parliament has released a…
Read MoreIs your AML/CTF compliance program up to scratch?
OPINION: On June 4th, Westpac released its 48-page response to AUSTRAC’s statement of claim following the conclusion of the Promontory led Advisory Panel tasked with identifying the primary causes for the well documented AML/CTF failings. The findings in this report are by no means exclusive to Westpac. Many of these issues can be commonly found…
Read MoreJune 2020 Note from CEO
Since we issued our last newsletter an incredible amount of activity has been happening in the financial crime space globally, that it’s made drawing up a shortlist of things to talk about a bit challenging…! In Australia, the most significant development occurred on June 4th, when Westpac released its 48-page response to AUSTRAC’s statement of…
Read MoreEU Update – June 2020
UK regulator issued second largest fine for AML failings. The FCA has fined Commerzbank London £37,805,400 over anti-money laundering failures between 2012 and 2017. The original fine was reduced from £57,007,800 as Commerzbank agreed to resolve the matter at an early stage Commerzbank breached Principle 3 of the FCA’s Principles for Businesses, which requires firms…
Read MoreCustomer Insights – June 2020
In industry news, AUSTRAC has announced the deadline for 2019 compliance reports is 30 June 2020, extended from 31 March, due to the impact of COVID-19. And small to medium businesses restricted from opening during COVID-19 will not be penalised for missing the deadline. Meanwhile in New Zealand, the DIA has extended the timeframe for…
Read MoreCOVID-19 demise of cash: Turning a threat into a technological opportunity
Opportunities Many Financial Crime articles and webinars are inadvertently conveyed an ancient proverb; “With every crisis there is opportunity”. Coronavirus crisis lands opportunity for both nefarious actors and compliance teams. Including those who rely on resources to build RegTech to collate, analyse, detect, investigate, and report, in an ever-trusting co-dependency of man and machine. COVID-19…
Read MoreArctic Intelligence welcomes new client African Bank Limited
Arctic Intelligence is delighted to announce African Bank Limited’s (ABL) recent procurement of their AML solution, AML Accelerate. As a global RegTech firm, Arctic Intelligence has designed risk assessment and audit and assurance solutions pertaining to financial crime risk and compliance matters to help regulated entities manage their compliance obligations. African Bank joins hundreds of…
Read MoreMay 2020 Note from CEO
One of the positives to come from COVID-19 is having a bit of extra time to reflect on everything that is going on in the world and to spend some time reading articles, listening to podcasts, tuning in to webinars and catching up with clients, colleagues and partners. Of the webinars I tuned in to…
Read MoreCustomer Insights – May 2020
Historically, we’ve seen our customers conduct their risk assessments on an annual basis. In the past 6 months this has changed and we are now seeing assessments completed more frequently. What has driven the shift? Regulatory expectation is changing. Across the globe we have witnessed many regulatory bodies enforcing new rules to protect businesses from…
Read MoreNews in Brief – May 2020
The impacts of COVID-19 continue to arise globally and we see countries and regulatory bodies implementing and enforcing new measures to minimise the implications of financial crime and in particular anti-money laundering (AML). In such a turbulent economy, the adaptation of AML solutions is increasingly becoming a norm as businesses look to further protect their…
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