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News in Brief – March 2021

Arctic Intelligence | News in Brief March 2021

AFRICA The Association of Bureau De Change Operators of Nigeria (ABCON) says 26 members have been arrested by security operatives, over alleged unlawful foreign exchange (FX) transactions by the Department of State Security Services (DSS) AMERICAS One of California’s most profitable card rooms in the Bay Area was fined $5.3m by California state for violating anti-money…

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EU Update – March 2021

Arctic Intelligence | EU Update March 2021

UK regulator has launched criminal proceedings against NatWest in a £365millon money laundering scandal. It is alleged that £365million was paid into a NatWest customer account over a period of 5 years, and that “controls failed to adequately monitor and scrutinise this activity”. The real headline though is that £264 million of those funds were…

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News in brief – February 2021

Arctic Intelligence | Customer Insights - May 2021

AMERICAS Trump’s impeachment sparks claims that anonymous hedge funds, anonymous trusts, and anonymous real estate purchases are examples of anonymous money finding its way to he American political sector. Australian born US national, 37 year old math whiz and BitMEX’s first employee Greg Dwyer is now at the centre of one of the biggest scandals…

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EU Update – February 2021

Arctic Intelligence | What we're hearing - May 2021

As Fraud in the UK is seen as a “Threat to National Security”, Judges limit Serious Fraud Office’s powers to investigate foreign companies. 2019/20 saw 3.7 million reported incidents related to fraud, with even more going unreported due to victim’s lack of trust in the system and policing around it. This is not helped by…

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EU Update – January 2021

Arctic Intelligence | News in Brief - April 2021

HMRC issues record £24million fine to MSB for anti-money laundering failures. Whilst this may not be significant when compared with fines issued by the likes of the FCA and FinCEN, this fine demonstrates the power that Her Majesty’s Revenue and Customs (HMRC) has to issue penalties to firms falling under their supervision for failing to…

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News in brief – January 2021

Arctic Intelligence | Wealth Management US Technology Report

AMERICAS US Federal Agencies, Federal Bureau of Investigation (FBI), Department of Health and Human Services Office of Inspector General (HHS-OIG) and Centers for Medicare and Medicaid Services (CMS) warns of emerging fraud schemes related to COVID-19 vaccines The Bahamas has been removed from the money laundering watchlist. FATF claimed that “the Bahamas has strengthened the…

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EU Update – December 2020

Arctic Intelligence | AML Benchmark Report 2021

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…

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News in brief – December 2020

Arctic Intelligence | Financial Crime News

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…

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Arctic Intelligence recognised in the top 100 RegTech companies in the world

Arctic Intelligence | What we are hearing - April 2021

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…

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News in Brief – November 2020

Arctic Intelligence | Financial Crime Risk Management Solutions

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…

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