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September 2020 Anti-Money laundering news highlights

Arctic Intelligence | AML/CTF regulation for lawyers

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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News in brief – August 2020

Arctic Intelligence | Money laundering reform recommendations

The world in which we live has become a constant state of uncertainty so we wanted to provide you with actionable steps to fighting financial crime and assessing your risks. We are preparing a 3-part webinar series in partnership with Financial Crime Risk Management Consultants to discuss a pragmatic approach to financial crime risk management…

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Banking sector financial crime news

Arctic Intelligence | Customer Insights - Feb 2021

All that glitters is not Gold(man) OPINION: On 28 July 2020, Najib Razak the ex-Malaysian Prime Minister was convicted of all seven charges in the multi-billion dollar 1MDB scandal and received a 12-year jail sentence and a hefty £39 million fine.  The US Justice Department believes that more than £3.5 billion was stolen from the…

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News in brief – July 2020

Arctic Intelligence | Risk Assessment Platform (RAP) Enhancements June 2022

COVID-19 continues to take it’s toll on the global economy as the virus is spreading across different countries rapidly and continues to pave new avenues for financial criminals to take advantage of. Some countries have been able to manage the spread and are now enjoying the reprieve. There have also been recent financial crime breaches…

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Dutch banks join forces to combat money laundering and terrorist financing

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

The coalition, comprising ABN Amro, ING, Rabobank, Triodos Bank and de Volksbank, will establish an agency to monitor their transactions, using Transaction Monitoring Netherlands (TMNL) in an effort to identify unusual patterns in payments traffic that individual banks cannot identify. It is estimated that up to €18 billion of criminal money is laundered in the Netherlands…

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COVID-19 demise of cash: turning a threat into a technological opportunity

Arctic Intelligence | Customer Insights July 2021

Opportunities Many Financial Crime articles and webinars are inadvertently conveyed an ancient proverb; “With every crisis there is opportunity”. Coronavirus crisis lands opportunity for both nefarious actors and compliance teams. Including those who rely on resources to build RegTech to collate, analyse, detect, investigate, and report, in an ever-trusting co-dependency of man and machine. COVID-19…

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News in brief – May 2020

Arctic Intelligence | Ramp Up Your Modern Slavery Response

The impacts of COVID-19 continue to arise globally and we see countries and regulatory bodies implementing and enforcing new measures to minimise the implications of financial crime and in particular anti-money laundering (AML). In such a turbulent economy, the adaptation of AML solutions is increasingly becoming a norm as businesses look to further protect their…

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EU update – May 2020

Arctic Intelligence | De-risking and FinTechs

Earlier this month the EU announced it had put forward a series of measures designed to further strengthen the EU’s framework to fight against money laundering and terrorist financing. An Action Plan for a Comprehensive EU policy on Preventing Money Laundering and Terrorist Financing. This comes after a turbulent few year for a few Member…

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April 2020 regulatory updates

Arctic Intelligence | News in Brief - May 2021

We’ve listed some of the regulatory updates from around the globe below. Follow us on LinkedIn for more updates. AUSTRALIA: AUSTRAC has a new customer verification Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) Rule to support the early release of superannuation initiative CANADA: FINTRAC has issued an update to suspicious transaction reporting HONG KONG: The…

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