News
Property continues to be the AML weak link in Australia
Australia is still lagging behind global standards in the developed world when it comes to combating the flow of illicit money entering the property market. AUSTRAC has estimated that there were $1billion worth of suspicious transactions in the Australian property market from China in the 2016 fiscal year. The FATF has complained for some time…
Read MoreThe Solicitor Regulation Authority: One in five UK law firms fails to comply with money laundering rules
Following the discovery of law firms not complying with anti-money laundering regulations, the Solicitor Regulation Authority (SRA) is planning to launch money laundering investigations into 7,000 law firms. Solicitor firms that fail to comply will potentially face enforcement action. In March 2019, the SRA wrote to 400 firms asking them to demonstrate compliance with the…
Read MoreAUSTRAC releases mutual banking sector money laundering and terrorism financing risk assessment
Yesterday, AUSTRAC released the Mutual Banking Sector Risk Assessment report which concluded that the mutual banking sector has a high level of vulnerability to financial crime with the main threat being money laundering and with the overall money laundering and terrorism financing risk assessed as medium. According to the report, the mutual banking sector has…
Read MoreAML/CTF and Other Legislation Amendment Bill 2019 introduced to Federal Parliament
The AML/CTF and Other Legislation Amendment Bill was introduced into Federal Parliament on the 17th October 2019. “The bill is the next phase of the government’s reforms to bolster our anti-money-laundering and counter-terrorism financing, or AML/CTF, regime, to prevent criminals from enjoying the profits of their illegal activities, and to stop funds falling into the…
Read MoreArctic Intelligence presents at the RegTech Association’s RegTech Edge Showcase
Regulated entities often face a challenge when sourcing technology best suited to their business. The RegTech Association designed the RegTech Edge program to help address this challenge. RegTech Edge provided an ideal environment for businesses to see a showcase of RegTech solutions including risk management, data analytics, operational efficiency and financial crime. The first of…
Read MoreArctic Intelligence expands global reach with first North American client
Arctic Intelligence has expanded its global presence with the addition of its first North American client, Bendix Foreign Exchange and Payment Solutions. With operations in Canada and USA, Bendix Foreign Exchange is a leading provider of integrated foreign exchange and global payments solutions that conducts business globally. Mathew Varghese, Chief Compliance Officer, commented“Risk Management is…
Read MoreArctic Intelligence wins RegTech Start-Up of the Year
Arctic Intelligence has won the RegTech Start-Up of the Year award at the fourth annual FinTech Awards 2019. The award was given to Arctic Intelligence in recognition of its industry-leading risk assessment and compliance solutions, designed to assist regulated businesses in meeting their anti-money laundering compliance obligations. Arctic Intelligence COO, Darren Cade said, “We’re delighted…
Read MoreConcerns 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…
Read MoreFMA 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…
Read MoreFMA warns NZ companies they need to do more to comply with AML/CFT regulations
The Financial Markets Authority of New Zealand issued a stark warning for regulated entities in its recently published Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) 2018 Monitoring Report. Given the Act has been in place for more than five years, the FMA stated that they had expected to see more mature processes and policies…
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