General
September 2020 – note from CEO
Over the last month or so we have started to see some disparity emerging in the way in which international financial crime regulators are treating regulated entities where they identify breaches or material non-compliance with anti-money laundering and counter-terrorism financing laws. In the UK, the Financial Conduct Authority, which has historically been fairly active in…
Read MoreCustomer insights – September 2020
Here at Arctic Intelligence, we’re all about delivering the features and services that are most important to our community of users. This month we released an enhancement to the Risk Assessment Platform with globalisation support, added the ability to vote for new features on our Community Forum, and updated our Help Center with FAQs, Methodology…
Read MoreLost time is never found again
OPINION: A recent LinkedIn post from Jim Richards, the Founder of RegTech Consulting LLC explored the clear disconnect between the length of time regulators think it takes regulated entities to complete money laundering risk assessments and maintain compliant AML programs and the actual time that it takes them. Jim ran the numbers and it clearly…
Read MoreAugust 2020 note from CEO
In the last month or so there was so much media coverage of financial crime issues that I can’t recall a busier month this year. It is clear from the mainstream and social media coverage that there is growing public interest in financial crime and the important role that regulated financial and gaming companies have…
Read More27th 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 MoreCustomer insights – July 2020
It’s been a busy month as we developed and released the latest version of AML Accelerate, hosted the first in a series of User Forums, welcomed a host of new users, and responded to some great questions from our community. Product News We’re pleased to announce the latest update to AML Accelerate. The new release…
Read MoreAchieving AML/CTF compliance in the legal sector
OPINION: NEW ZEALAND DEPARTMENT OF INTERNAL AFFAIRS PUBLISH FINDINGS ON AML/CFT COMPLIANCE IN THE LEGAL SECTOR: On 21 July 2020, the New Zealand Department of Internal Affairs (DIA) published the findings for the legal sector (law firms and sole practitioners) on the compliance assessments that it had carried out between January 2019 and January 2020. …
Read MoreThe fall of Wirecard
Wirecard AG who were “missing” €1.9 billion have now filed for insolvency last month, with CEO Markus Braun being arrested on suspicion of inflating the company’s balance sheet and revenues to make it appear stronger and more attractive for investors and customers. Europe’s largest fintech, heralded for its innovation, Wirecard was undoubtably a leader in…
Read MoreEU names additions to list of high-risk third countries
The EU’s 5th Money Laundering Directive broadened the criteria for the European Commission (EC) in assessing high-risk third countries. The EC recently announced that in October 2020 several countries will be added to the list of high-risk third countries, including Barbados, Cambodia, Mauritius, and Ghana. These countries are identified as having strategic deficiencies in their national anti-money…
Read MoreMalta is at risk of being the first EU country to be grey-listed by Moneyval.
Following Malta’s fail grade in September 2019 of it’s anti-money laundering laws (AML/CTF) and their enforcement, Prime Minister Robert Abela has tried to reassure Members of Parliament (MP’s) and the public that he is confident they will pass the assessment due to take place in October 2020. The Malta Financial Services Authority (MFSA) CEO Joseph…
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