General
4 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 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 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 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 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 MoreCustomer insights – April 2021
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…
Read MoreWhat 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…
Read MoreCustomer insights – March 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…
Read MoreWhat we are hearing – February 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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