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The Risks of Form over Substance

Imagine a financial institution with a voluminous compliance manual, meticulously detailed procedures, and frequent checkbox audits.  But when a money laundering scheme slips through, it exposes a critical flaw: the program prioritized form over substance. AML/CFT and Sanctions compliance programs are not just about checking boxes. While regulations are crucial, focusing solely on appearances creates…

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The Importance of Feedback Loops in Enhancing AML/CFT and Sanctions Compliance Programs

The Importance of Feedback Loops in Enhancing AML CFT and Sanctions Compliance Programs

The effectiveness of an Anti-Money Laundering / Combating the Financing of Terrorism  (AML/CFT) and Sanctions compliance program is not solely dependent on the initial design but also on its adaptability and responsiveness to evolving risks and maturation of one’s understanding of relevant risks.  Jay Postma, CAMS, CFCS, President of MSB Compliance Inc. notes that, “Critical…

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Case Study – First Exchange

First Exchange (FIRST) is a leading brand of Money Service Operator (MSO), committed to delivering exemplary customer services and competitive rates. With a long-standing history of providing fair and efficient money exchange and remittance services in Hong Kong since 1979.  Since its inception, FIRST has evolved into the operator of the largest network of money…

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Case Study – Northwest Healthcare Properties


Northwest Healthcare Properties Australia and New Zealand invests exclusively in healthcare property and is the largest healthcare real estate owner, manager and developer in the region. As a managed investment scheme in Australia, their primary goal was to establish a robust Anti-Money Laundering (AML) / Counter-Terrorism Financing (CTF) program that not only adhered to local…

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Listening – A Critical Skill for Compliance, Corporate Governance, Risk Assessment and Risk Mitigation

Listening A Critical Skill for Compliance Corporate Governance Risk Assessment and Risk Mitigation

Over the past 17 years MSB Compliance Inc. has performed numerous independent BSA/AML and OFAC reviews of various types and sizes of MSBs, payment processors and banks.  Jay Postma, CAMS, CFCS, President notes: “We’ve seen many organizations with strong compliance culture and effective compliance programs.  And we’ve seen entities whose management ignored reported compliance issues, …

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Arctic Intelligence launches 14-day free trial of AML Accelerate

Recently, Arctic Intelligence launched a 14-day obligation free trial of the multi-award winning money laundering and terrorism financing risk assessment and AML/CTF program/policy development platform, AML Accelerate. For the first time, Arctic Intelligence is enabling regulated businesses to experience for themselves how to easily identify money laundering and terrorism financing risks, assess the design and…

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Cornerstone and Foundation: How Governance and Risk Assessment Fortify Your BSA/AML and OFAC Program

Your BSA/AML and OFAC compliance program needs a guiding structure and a robust foundation in order to stand tall, be strong and prove resilient against the evils of financial crime, money laundering and terrorist financing. That’s where governance and risk assessment come in. Think of them as the cornerstone and foundation of your compliance program,…

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December 2023 – New features & upcoming features

Arctic Intelligence | Financial Crime Risk Management Solutions

Event Management  We have introduced “Events,” empowering our clients to create, track, and manage breaches, operational incidents, or near-misses. The platform enables real-time drillable dashboards and reports, allowing users to filter information by status, owner, event type, priority, due date, and more.  In-Application Tutorial  To enhance user experience, we have implemented a guided in-application tutorial…

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