Blog

Customer Insights – October 2020

In this months newsletter we share some insights from the roundtable event with our Canadian customers, and provide answers to the latest questions on conducting risk assessments in AML Accelerate and Risk Assessment. Roundtable Event Earlier this month, we held a roundtable event with our Canadian credit union community of customers to discuss the challenges…

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EU Update – October 2020

Compansies House Reform The UK’s company registrar, Companies House are set to reform procedures to clamp down on fraud and money laundering. In April 2016, the UK led the way by introducing the Persons with Significant Control (PSC) Register, or better known as a Ultimate Beneficial Owner (UBO) database.  It became a requirement for any…

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News in Brief – October 2020

This year we have witnessed some of the largest fines in history with many international financial services organisations and other regulated entities under scrutiny from regulators. As the business landscape adapts to the pandemic, we are seeing authorities provide businesses direction on how to protect themselves from vulnerabilities to financial crime such as AML guidance,…

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October 2020 – Founder Note

October has been another busy month for Arctic Intelligence and for the financial crime compliance community as whole, as momentum is solidly building in the mainstream and social media, below are some of the key AML highlights from this month. In Australia, it’s all been happening – Firstly, AUSTRAC announced in a media release that…

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News In Brief – September 2020

Many businesses have been subjected to scrutiny for overlooking their vulnerabilities related to financial crime and more recently, these investigations have resulted in the form of exorbitant penalties from regulators. With such significant financial retribution and social impact, it is difficult to understand why businesses do not do more to reduce their vulnerabilities to financial…

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EU Update – September 2020

Bank branch staff doing a heroic job Bank branch staff in the UK prevented fraud worth £19.3 million in the first half of 2020. Scams were interrupted due to a scheme called The Banking Protocol. This a UK wide initiative launched 3 years ago by UK Finance, National Trading Standards and local police forces.  The…

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September 2020 Anti-Money Laundering News Highlights

State of the street OPINION:  On 16 September 2020, AUSTRAC issued a media release informing of the infringement notice that they issued to the State Street Bank and Trust Company, resulting from its failure to send 99 International Funds Transfer Instruction (IFTI) reports to AUSTRAC within 10 business days, in contravention with the Anti-Money Laundering…

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September 2020 – Note from CEO

Over the last month or so we have started to see some disparity emerging  in the way in which international financial crime regulators are treating regulated entities where they identify breaches or material non-compliance with anti-money laundering and counter-terrorism financing laws. In the UK, the Financial Conduct Authority, which has historically  been fairly active in…

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Customer Insights – September 2020

Here at Arctic Intelligence, we’re all about delivering the features and services that are most important to our community of users. This month we released an enhancement to the Risk Assessment Platform with globalisation support, added the ability to vote for new features on our Community Forum, and updated our Help Center with FAQs, Methodology…

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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…

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