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AML Insights that help set the global benchmark in compliance
Arctic Intelligence have produced their 2022 insights survey to gather data from financial crime risk and compliance professionals across the globe. The focus is to understand how organisations conduct their money laundering and terrorist financing governance. This survey delves into the intricacies of what Arctic Intelligence believes to be the cornerstone of every anti-money laundering…
Read MoreIt’s all just a little bit of history repeating itself: How Business Risk Assessments Could Help to Reduce the De-Risking of the Crypto Currency Sector
Introduction In 2021, a Select Committee was set up in Australia to receive evidence on the country’s role as a technology and financial centre. Several different topics were canvassed, for which a variety of stakeholders made written submissions. One of these topics was the evolution of the cryptocurrency sector and the service providers who support…
Read More4 Good Reasons Why Crypto Businesses Should Complete an AML/CFT Business Risk Assessment
Introduction If you work for a cryptocurrency business (“business”), chances are you’re in the process of becoming or have recently been authorised by a financial services regulator. If you’re fortunate enough to have already been authorised, you may have been required as part of that process to submit an AML/CFT business risk assessment (“BWRA”). Depending…
Read MoreAustralian RegTech of the Year winner, Arctic Intelligence forges global expansion with ICA partnership
ANNOUNCEMENT : Arctic Intelligence continues its growth trajectory by ending the last quarter of 2021 securing a strategic partnership with the International Compliance Association (ICA) headquartered in the United Kingdom. This deal is mutually beneficial for both parties as the ICA boasts an unsurmountable network of global regulatory and financial crime professionals around the world…
Read MoreUnderstanding the Financial Crime Risk Across Your Group of Businesses
“One of These Things is Not Like the Others…?” Introduction In May 2021, the European Banking Authority (“EBA”) announced that it was consulting on draft guidelines (“Guidelines”) about compliance management and the role and responsibilities of AML/CFT Compliance Officers (“MLROs or AML Officers”). The Guidelines form part of a wider suite of regulatory materials intended…
Read MoreTimes They are A-Changing – and So Should Your Business Risk Assessment
Introduction – The Dear CEO Letter In May 2021, the UK’s Financial Conduct Authority (“FCA”) issued a “Dear CEO” letter to the retail banking sector. For those not familiar with these, a “Dear CEO” letter (“Letter”) is a tool used by the regulator to convey it expectations in relation to firms’ compliance with certain regulations.…
Read MoreEU Update – July 2021
Business Wide Risk Assessments are a hot subject We recently wrote about the Dear CEO letter sent by the FCA to Retail banks naming the Business Wide Risk Assessment (BWRA) as an area of concern and one that they need to see significant improvements in. Financial Services aren’t the only firms failing under scrutiny for…
Read MoreNews in Brief – July 2021
Americas The Internal Revenue Service (IRS) is cracking down on crypto-asset tax evasion with virtual currencies and non-fungible tokens. Although designed to be invisible, this scrutiny also aims to identify users who use crypto to launder funds Commission-free stock mobile trading platform Robinhood fined $70m by Financial Industry Regulatory Authority (FINRA) for “systemic supervisory failures…
Read MoreCustomer Insights – July 2021
July was full of updates, with the Risk Assessment Platform updated to v1.10, recent regulatory updates from DIA incorporated into the AML Accelerate AML Policy template and CDD Standards template, and the addition of Proliferation Financing risks to AML Accelerate and Risk Assessment. This month we also hosted the AML Accelerate APAC User Forum 2021.…
Read MoreNews 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…
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