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Understanding the Financial Crime Risk Across Your Group of Businesses

Arctic Intelligence | Understanding 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…

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Customer Insights – July 2021

Arctic Intelligence | Customer 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.…

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Customer Insights – June 2021

Arctic Intelligence | Customer 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…

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Customer Insights – May 2021

Arctic Intelligence | Customer 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…

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Customer Insights – April 2021

Arctic Intelligence | CSI Web Partnership

Our next release of the Risk Assessment Platform is just around the corner. We’ve been hard at work adding enhancements and new features, and we are excited to give you a sneak peek at some of the key improvements.  In this month’s newsletter, we also recap new risk models available in Risk Assessment and the…

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What we are hearing – April 2021

Arctic Intelligence | What we are hearing - April 2021

In a recent article published by the economist, titled  “The war against money laundering is being lost” – The global system for financial crime is hugely expensive and largely ineffective”, is a good read but somewhat misses the point. The reality is, like with terrorism, organised criminal networks will always be looking for smart innovative…

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Customer Insights – March 2021

Arctic Intelligence | Customer Insights July 2021

In the Risk Assessment Platform, all out-of-the box risk models are refreshed and updated with recommendations from industry experts and the latest from regulators from around the world. In addition to refreshing existing risk models, new risk models have been added and are available for Money Laundering and Terrorist Financing, and Bribery and Corruption, enabling…

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What we are hearing – March 2021

Arctic Intelligence | What we are hearing March 2021

The deadline for filing AUSTRAC’s annual compliance report for the 2020 calendar year will expire 31st March for the estimated 14,000 reporting entities that are subject to anti-money laundering and counter-terrorism financing (AML/CTF) obligations in Australia. The annual compliance report is a mandatory requirement and AUSTRAC may impose penalties on regulated entities that fail to…

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What we are hearing – February 2021

Arctic Intelligence | News in Brief - May 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…

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