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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 | Neo Advisory choose Arctic Intelligence to help clients with AML/CTF risk assessments

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 | Tranche Two AML/CTF increased transparency bill

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 | ACAMS Australasia 2022 Recap

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 | Money laundering reform recommendations

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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EU Update – October 2020

Arctic Intelligence | Arctic Intelligence Named Top 10 Innovators in Risk Management

Companies 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…

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News in Brief – October 2020

Arctic Intelligence | AML/CTF regulation for lawyers

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,…

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October 2020 – Founder Note

Arctic Intelligence | Money laundering reform recommendations

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…

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