General
21st July 2020 note from CEO
As we continue to watch the rapid acceleration of COVID-19 both in Australia and overseas create wide-reaching impacts on our business and personal lives it is hard to see a return to anything that resembles business as usual anytime soon. As with any crisis there are always opportunists looking to make a fortune from others…
Read MoreIs your AML/CTF compliance program up to scratch?
OPINION: On June 4th, Westpac released its 48-page response to AUSTRAC’s statement of claim following the conclusion of the Promontory led Advisory Panel tasked with identifying the primary causes for the well documented AML/CTF failings. The findings in this report are by no means exclusive to Westpac. Many of these issues can be commonly found…
Read MoreEU update – June 2020
UK regulator issued second largest fine for AML failings. The FCA has fined Commerzbank London £37,805,400 over anti-money laundering failures between 2012 and 2017. The original fine was reduced from £57,007,800 as Commerzbank agreed to resolve the matter at an early stage Commerzbank breached Principle 3 of the FCA’s Principles for Businesses, which requires firms…
Read MoreCustomer insights – June 2020
In industry news, AUSTRAC has announced the deadline for 2019 compliance reports is 30 June 2020, extended from 31 March, due to the impact of COVID-19. And small to medium businesses restricted from opening during COVID-19 will not be penalised for missing the deadline. Meanwhile in New Zealand, the DIA has extended the timeframe for…
Read MoreCustomer insights – May 2020
Historically, we’ve seen our customers conduct their risk assessments on an annual basis. In the past 6 months this has changed and we are now seeing assessments completed more frequently. What has driven the shift? The latest version of our Risk Assessment Platform has been released, with the enhanced functionality enabling customers to conduct risk assessments…
Read MoreMeet our partners
We have a network of partners with financial crime risk management expertise across the globe that cover both private and public sectors. We would like to give you an exclusive look into our global alliance by introducing our AML/CTF consultancy specialists through this video series. Watch Anthony Quinn, Arctic Intelligence Founder and CEO interview our…
Read MoreApril 2020 insights
AUSTRAC OUTREACH ON COVID-19: Since mid-March AUSTRAC has been reaching out to the ~15,000 businesses that it regulates recognising some of the challenges Australians and Australian businesses are facing due to the global pandemic by providing assistance and regular updates on what businesses can do to work with AUSTRAC during this period. AUSTRAC has extended…
Read MoreThe role of designated non-financial services businesses in laundering funds in Australia
OPINION: At the present time Australia’s anti-money laundering and counter-terrorism financing laws do not apply to certain designated non-financial services businesses (DNFSBs), which is a major vulnerability against efforts to thwart financial crime. This article today has it all: a $10 million payment to buy a luxury waterfront mansion in Brisbane made by ASX-listed Horizon…
Read MoreAnti-money laundering law breaches
OPINION: BREAKING BAD (NEWS) – While the world is in panic there has probably never been a better time to break some bad news and yesterday it was HSBC Australia’s turn to self report compliance breaches to AUSTRAC. At this point in time it is unclear what obligations the compliance breaches relate to, how many…
Read MoreWhat is the true cost of financial crime compliance?
OPINION: Earlier this week LexisNexis Risk Solutions released the results of its global True Cost of Financial Crime Compliance Study which polled nearly 900 financial crime compliance decision makers and found that financial institutions spent $181 billion on financial crime compliance last year. In Europe, financial institutions spent 3 to 4 times ($137bn) what their nearest…
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