Media

Concerns over use of spreadsheets to manage AML compliance

In a recent industry presentation to risk and compliance managers in Australia by regulatory software provider Arctic Intelligence, an audience poll revealed 54% of respondents listed reliance on spreadsheets for risk assessment which may no longer be fit-for-purpose for conducting anti-money laundering (AML) risk assessments as one of their top three concerns.  The poll also…

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FMA NZ cracks down on non-compliant AML/CFT programmes

The Financial Markets Authority (FMA) has issued formal warnings to 10 reporting entities under Section 80 of the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act). The FMA carried out a risk-based assessment of independent audit reports for reporting entities it supervises in February this year, targeting 69 reporting entities. The FMA supervises…

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Businesses need to assess money laundering risk more frequently

In a recent industry presentation to credit unions and mutual banks in Australia, by Arctic Intelligence, a provider of financial crime prevention audit, risk and compliance software, an audience poll found that many businesses vulnerable to money laundering and other financial crime may not be conducting a comprehensive risk assessment often enough. While half of…

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Arctic Intelligence partners with Deloitte to adopt a smarter approach to financial crime compliance

Arctic Intelligence, a regtech leader in regulatory compliance and risk management has signed a three year partnership with Deloitte to help organisations globally manage their financial crime risk and exposure. This is an extension from a previous agreement first established in 2016. Deloitte will utilise Arctic’s risk and compliance cloud technologies to rapidly assess the…

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ASIC boosts support for regtech

ASIC is ramping its support for regulatory technology businesses or ‘regtechs’ in response to an overwhelming number of organisations expressing frustration over complex compliance burdens. The corporate watchdog recently announced the next phase of supporting regtech’s technological capabilities in helping clients meet regulatory obligations, by way of conducting technology trials such as cognitive and social…

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Are Financial Crimes Costing Your Business Serious Money?

Are Financial Crimes Costing Your Business Serious Money?

In a world first, Australian compliance ingenuity and technology enables businesses to rapidly and affordable audit and assess their risk exposure to financial crimes and then deliver actionable recommendations to undertake measures to eradicate these risks, minimising potential losses. Every single day, major financial crimes, such as bribery, fraud, money laundering and tax evasion are committed…

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The first step of AML/CFT compliance – understanding your ML/TF Risks

One of the main aims of New Zealand’s AML/CFT regime is the identification and management of money laundering (ML) and terrorist financing (TF) risks. The first recommendation within the Financial Action Task Force (FATF) standards is a requirement to understand ML/TF risks at a national and regulated entity level. This indicates the importance that the…

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‘Alarm bells ringing’- laundering claims rain on CBA’s parade

Alarm bells ringing laundering claims rain on CBAs parade

Commonwealth Bank staff at the Market City branch in Sydney’s Chinatown were getting suspicious, watching the same customer making cash deposits of just under $10,000. It was July 2015 and the customer was following a pattern they had seen elsewhere: ploughing cash into an intelligent deposit machine (IDM) just below the threshold where such deposits…

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Narev sets aside $40m to combat dirty cash

Narev sets aside $40m

Commonwealth Bank has committed to spending $40 million over the next 12 months in a bid to fortify its anti-money laundering technology capabilities; a sum that has divided opinion in banking technology circles. While some have said the new investment is overkill from a bank trying to rehabilitate a tarnished reputation, others say $40m may…

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