Blog
EU 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…
Read MoreSeptember 2020 – note from CEO
Over the last month or so we have started to see some disparity emerging in the way in which international financial crime regulators are treating regulated entities where they identify breaches or material non-compliance with anti-money laundering and counter-terrorism financing laws. In the UK, the Financial Conduct Authority, which has historically been fairly active in…
Read MoreCustomer insights – September 2020
Here at Arctic Intelligence, we’re all about delivering the features and services that are most important to our community of users. This month we released an enhancement to the Risk Assessment Platform with globalisation support, added the ability to vote for new features on our Community Forum, and updated our Help Center with FAQs, Methodology…
Read MoreNews in brief – August 2020
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…
Read MoreLost time is never found again
OPINION: A recent LinkedIn post from Jim Richards, the Founder of RegTech Consulting LLC explored the clear disconnect between the length of time regulators think it takes regulated entities to complete money laundering risk assessments and maintain compliant AML programs and the actual time that it takes them. Jim ran the numbers and it clearly…
Read MoreEU update – August 2020
Online Real estate agent fined for breaching UK AML regulations Purplebricks were fined £266,793 by HMRC for breaching UK anti-money laundering rules. This can only shine a brighter light on the real estate sector as a whole, high street and online alike.The description of these breaches was stated by HMRC as “failures in carrying out…
Read MoreBanking sector financial crime news
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…
Read MoreAugust 2020 note from CEO
In the last month or so there was so much media coverage of financial crime issues that I can’t recall a busier month this year. It is clear from the mainstream and social media coverage that there is growing public interest in financial crime and the important role that regulated financial and gaming companies have…
Read More27th July 2020 note from CEO
As we continue to watch the rapid acceleration of covid-19 both in Australia and overseas create wide-reaching impacts on our business and personal lives it is hard to see a return to anything that resembles business as usual anytime soon. As with any crisis there are always opportunists looking to make a fortune from others…
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