News

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…

Read More

Arctic Intelligence warns many Australian businesses may be vulnerable to financial crime

Arctic Intelligence, a market-leader in financial crime prevention audit, risk and compliance software, warned today that many Australian businesses may be unaware that their internal risk assessment processes do not go far enough; leaving them vulnerable to money laundering, terrorist financing, sanctions and regulatory non-compliance. With organised crime is estimated to cost the Australian economy…

Read More

Imelda Newton joins Arctic Intelligence as Business Development Manager

Arctic Intelligence is pleased to announce that Imelda Newton has joined Arctic Intelligence as Business Development Manager in Sydney. With more than 20 years’ experience in the financial services technology sector, Imelda will develop Arctic Intelligence’s global expansion, working closely with strategic partners and helping to drive customer success. Before moving to Arctic Intelligence, Imelda…

Read More

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…

Read More

Regtech still finding its feet, as banks and regulators do delicate dance

Australia’s financial regulators gathered in the Market Street offices of the Australian Securities and Investments Commission in Sydney last Wednesday for a private briefing with the Boston Consulting Group. The topic; Fast-moving developments in the world of regulatory technology, aka “regtech”. The deployment of artificial intelligence is gathering pace in financial services. It’s being used in pricing,…

Read More

Australian Banks Reassessing Risks amid Unprecedented Enforcement Action: Sources

In the wake of an unprecedented lawsuit against Commonwealth Bank of Australia for alleged compliance violations, other lenders are re-evaluating their own risks and adjusting to a potentially more aggressive regulatory climate, say sources. On August 3, the Australian Transaction Reports and Analysis Centre, or AUSTRAC, accused the country’s largest financial institution of violating anti-money…

Read More

Commonwealth Bank exploring upgrades to transaction monitoring software

Commonwealth Bank of Australia is considering using new software to improve the way it monitors suspicious activity throughout the bank, suggesting the money-laundering scandal could be a tipping point that breaks down CBA’s insular approach to technology development. With AUSTRAC suing CBA for failures in identifying suspect deposits, the bank has been exploring how new regulatory…

Read More

Key FATCA Implementation Challenges

In this podcast, Ross McGill from T-Consult speaks to Anthony Quinn from Arctic Intelligence to explore the issues involved with implementing tax compliance programs, the key challenges of implementing FATCA and the risks of non-compliance.  Click here to listen to the original full podcast.

Read More