Insights
News in brief – February 2021
AMERICAS Trump’s impeachment sparks claims that anonymous hedge funds, anonymous trusts, and anonymous real estate purchases are examples of anonymous money finding its way to he American political sector. Australian born US national, 37 year old math whiz and BitMEX’s first employee Greg Dwyer is now at the centre of one of the biggest scandals…
Read MoreEU Update – February 2021
As Fraud in the UK is seen as a “Threat to National Security”, Judges limit Serious Fraud Office’s powers to investigate foreign companies. 2019/20 saw 3.7 million reported incidents related to fraud, with even more going unreported due to victim’s lack of trust in the system and policing around it. This is not helped by…
Read MoreWhat we are hearing – February 2021
Following an 18 month public inquiry by the NSW Independent Liquor & Gaming Authority (ILGA) into the suitability to hold a gaming license at the $2.2 billion newly constructed site at Barangaroo, an investigation has begun on Crown Resorts following ongoing allegations that the casino facilitated large scale money laundering activities. The inquiry led by…
Read MoreCustomer Insights – February 2021
In this month’s newsletter, we take a look at two new features in the latest release of AML Accelerate, recap some key features from the recent Risk Assessment Platform v1.8 release, and share the latest answers to questions from our community of users. AML Accelerate v0.53 is now available! With new features and improvements designed…
Read MoreEU Update – January 2021
HMRC issues record £24million fine to MSB for anti-money laundering failures. Whilst this may not be significant when compared with fines issued by the likes of the FCA and FinCEN, this fine demonstrates the power that Her Majesty’s Revenue and Customs (HMRC) has to issue penalties to firms falling under their supervision for failing to…
Read MoreWhat we are hearing – January 2021
Happy New Year everyone… As we closed the chapter in 2020 and opened a new one for 2021, organisations are faced with trying to manage their businesses in possibly the highest risk and uncertain economic, political and financial environment of our generation – the time for resilience and strong governance, risk management and control has…
Read MoreNews in brief – January 2021
AMERICAS US Federal Agencies, Federal Bureau of Investigation (FBI), Department of Health and Human Services Office of Inspector General (HHS-OIG) and Centers for Medicare and Medicaid Services (CMS) warns of emerging fraud schemes related to COVID-19 vaccines The Bahamas has been removed from the money laundering watchlist. FATF claimed that “the Bahamas has strengthened the…
Read MoreCustomer Insights – January 2021
Goodbye, 2020! Hello, 2021! We kicked off the year with a major update to the Risk Assessment Platform; our largest to-date. And work is underway on new features and enhancements for AML Accelerate. These updates reflect our continued focus on transforming risk assessment and compliance to be fast, easy, and comprehensive. Risk Assessment Platform v1.8…
Read MorePubs Clubs and Hotels
Pubs, clubs and hotels globally attract hundreds of thousands of gaming customers each year. The nature of gaming activity within these businesses means they are highly vulnerable to being used by criminals for money laundering and terrorism financing. Failure to comply with strict Anti-Money Laundering and Counter-Terrorism Financing obligations may result in significant civil and…
Read MoreAccounting Firms
With clear evidence that accountants and accounting firms are unwittingly used as a “gate keeper” for criminal financial activity, many countries have implemented antimoney laundering (AML) and counter terrorism financing regulations (CTF) to minimise the economic and societal impact. Compliance can be resource intensive Complying with AML/CFT laws can be challenging for some, especially for…
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