News
EU Update – December 2020
Vatican to revamp AML unit following the latest in a long line of scandals. The renamed Supervisory and Financial Information Authority (ASIF) functions include “supervision aimed at the prevention and countering of money laundering and the financing of terrorism,” Though the Vatican has had a history with allegations and cases of corruption, the changes made…
Read MoreNews in brief – December 2020
APAC The Financial Planning Association (FPA) believe that complying with the Privacy Act should be made a responsibility of all financial services companies, not just reporting entities who are subjected to the Anti-Money Laundering and Counter Terrorism Financing Act 2006 Assembly Payments has reached a milestone in 2020 by surpassing $4 billion of its own…
Read MoreArctic Intelligence recognised in the top 100 RegTech companies in the world
Specialist research firm RegTech Analyst names Arctic Intelligence in top 100 RegTech leaders as they announce the world’s most innovative technology solution providers transforming compliance, risk management and cybersecurity. Arctic Intelligence receives another accolade in 2020 by achieving a place on the prestigious RegTech100 list. RegTech100 is ranked by a panel of analysts and industry…
Read MoreNews in Brief – November 2020
AUSTRALIA AML reform laws known as Tranche 1.5 has passed in the lower house in Australia. There is a motion from the Greens to extend laws to professions such as lawyers, realtors, company and trust service providers alike. These professions are typically exploited by financial criminals to launder their proceeds AUSTRAC have announced they are…
Read MoreEU Update – October 2020
Compansies House Reform The UK’s company registrar, Companies House are set to reform procedures to clamp down on fraud and money laundering. In April 2016, the UK led the way by introducing the Persons with Significant Control (PSC) Register, or better known as a Ultimate Beneficial Owner (UBO) database. It became a requirement for any…
Read MoreNews in Brief – October 2020
This year we have witnessed some of the largest fines in history with many international financial services organisations and other regulated entities under scrutiny from regulators. As the business landscape adapts to the pandemic, we are seeing authorities provide businesses direction on how to protect themselves from vulnerabilities to financial crime such as AML guidance,…
Read MoreOctober 2020 – Founder Note
October has been another busy month for Arctic Intelligence and for the financial crime compliance community as whole, as momentum is solidly building in the mainstream and social media, below are some of the key AML highlights from this month. In Australia, it’s all been happening – Firstly, AUSTRAC announced in a media release that…
Read MoreNews In Brief – September 2020
Many businesses have been subjected to scrutiny for overlooking their vulnerabilities related to financial crime and more recently, these investigations have resulted in the form of exorbitant penalties from regulators. With such significant financial retribution and social impact, it is difficult to understand why businesses do not do more to reduce their vulnerabilities to financial…
Read MoreEU Update – September 2020
Bank branch staff doing a heroic job Bank branch staff in the UK prevented fraud worth £19.3 million in the first half of 2020. Scams were interrupted due to a scheme called The Banking Protocol. This a UK wide initiative launched 3 years ago by UK Finance, National Trading Standards and local police forces. The…
Read MoreSeptember 2020 Anti-Money Laundering News Highlights
State of the street OPINION: On 16 September 2020, AUSTRAC issued a media release informing of the infringement notice that they issued to the State Street Bank and Trust Company, resulting from its failure to send 99 International Funds Transfer Instruction (IFTI) reports to AUSTRAC within 10 business days, in contravention with the Anti-Money Laundering…
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