Blog
News in Brief – June 2021
AMERICAS Stephen Calk, founder and former CEO of The Federal Savings Bank, is being prosecuted in New York for bribery. He is accused of approving multi-million dollar loans to fund Trump’s 2016 campaign in exchange for a White House appointment. Find out about more about our anti-bribery and corruption solution here. Former CANNTRUST executives charged…
Read MoreEU Update – June 2021
The FCA recently sent a strong worded Dear CEO letter in relation to Financial Crime The letter covers several areas where the FCA are continuing to see firms failing to comply with ML regulations for a number of reasons. There is a common theme throughout, naming a failure to identify risks across differing business units…
Read MoreCustomer Insights – June 2021
This month we updated the AML Accelerate Australian AML Program/Policy template to incorporate recent reforms to the AML/CTF Act, meanwhile, the Risk Assessment platform introduces a new Fraud risk model. We are also seeing exciting use of the Risk Assessment platform to create risk models for everything from Climate Change to Information Security (ISO). AUSTRAC has…
Read MoreDear CEO… FCA address repeat compliance failings
The FCA recently sent a strong worded Dear CEO letter in relation to Financial Crime. The letter covers several areas where the FCA are continuing to see firms failing to comply with ML regulations for a number of reasons. There is a common theme throughout, naming a failure to identify risks across differing business units…
Read MoreWhat we are hearing – May 2021
It’s been another big month of financial crime news… In Europe, the largest mafia trial in 30 years is under way with 350 defendants including politicians and public officials. The Italian mafia’s estimated annual turnover is around £44bn (larger than Deutsche Bank and McDonalds combined!), making them one of the richest criminal organisations in the…
Read MoreCustomer Insights – May 2021
Risk Assessment v1.9 is now live with exciting new features and quality of life improvements to the platform. Thanks to our wonderful community of users who provide feedback, this input feeds directly into our roadmap, contributing to a product rich in features and functions to make risk assessments as easy as 1-2-3. Release v1.9 Feature…
Read MoreNews in Brief – May 2021
AFRICA Ghana expected to be removed from the EU money laundering watch list following a meeting with the President of the European Council, His Excellency, Charles Michel and President Nana Addo Dankwa Akufo-Addo Federal Government is profiling a number of high profile Nigerians who are allegedly have links to terrorism financing AMERICAS FinCEN have introduced…
Read MoreArctic Intelligence provide financial crime professionals an AML Benchmark Report
Arctic Intelligence found that 1 in 4 risk & compliance professionals believe rolling out and managing the enterprise risk assessment process across their teams is challenging – risky! PRESS RELEASE: Global RegTech firm Arctic Intelligence have released their first Annual AML Industry Benchmark Report to help organisations understand the current state of financial crime risk…
Read MoreNews in Brief – April 2021
AFRICA 66-year old ‘Hotel Rwanda’ hero, Paul Rusesabagina has been detained in his home country and is facing a slew of terrorism-related charges that include murder and financing terrorism The Corporate Affairs Commission (CAC) and the Nigerian Financial Intelligence Unit (NFIU) have announced a collaboration to boost Nigeria’s fight against financial corruption and funding terrorism…
Read MoreEU Update – April 2021
ABN AMRO fined (again!) OPINION: The Dutch bank will pay a total of €480 million for violating the Anti-Money Laundering and Counter Terrorism Financing Act (AML/CTF Act). These violations include failing to spot accounts involved in money laundering, failing to end relations with suspicious clients and failing to report these transactions to authorities. This is…
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