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News in brief – May 2020
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…
Read MoreEU update – May 2020
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…
Read MoreGlobal RegTech firm Arctic Intelligence welcomes South African based consultancy, FCRMC to their partner network
PRESS RELEASE: Arctic Intelligence continues to strengthen their partner ecosystem by welcoming a new addition to their global alliance network. This strategic partnership with Financial Crime Risk Management Consultants (FCRMC Pty Ltd) will harness support across the African region. Imelda Newton, Chief Revenue Officer from Arctic Intelligence is thrilled to extend their global footprint and…
Read MoreApril 2020 regulatory updates
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…
Read MoreMeet our partners
We have a network of partners with financial crime risk management expertise across the globe that cover both private and public sectors. We would like to give you an exclusive look into our global alliance by introducing our AML/CTF consultancy specialists through this video series. Watch Anthony Quinn, Arctic Intelligence Founder and CEO interview our…
Read MoreApril 2020 insights
AUSTRAC OUTREACH ON COVID-19: Since mid-March AUSTRAC has been reaching out to the ~15,000 businesses that it regulates recognising some of the challenges Australians and Australian businesses are facing due to the global pandemic by providing assistance and regular updates on what businesses can do to work with AUSTRAC during this period. AUSTRAC has extended…
Read MoreApril 2020 news in brief
We have witnessed a paradigm shift in financial crime activity and the vulnerabilities across different industry sectors have increased. Many regulators and governments are responding however the responsibility lies with each business to ensure they are protecting their business from money laundering and terrorist financing schemes. We have collated some of the latest AML/CTF news…
Read MoreApril 2020 note from CEO
It’s been a while since our last newsletter, and it is hard to comprehend all that has changed in such a short period of time. Due to COVID-19, our personal and business lives are being disrupted in unprecedented way’s and we face significant challenges and an uncertain future. Unfortunately, during chaotic times like these, there…
Read MoreThe role of designated non-financial services businesses in laundering funds in Australia
OPINION: At the present time Australia’s anti-money laundering and counter-terrorism financing laws do not apply to certain designated non-financial services businesses (DNFSBs), which is a major vulnerability against efforts to thwart financial crime. This article today has it all: a $10 million payment to buy a luxury waterfront mansion in Brisbane made by ASX-listed Horizon…
Read MoreWestpac plan for a $900M fine after AML/CTF breach
OPINION: Today Westpac indicated that it expects to suffer write-offs of $1.4bn against its first-half earnings, with $900m of this amount being what the bank expects to pay to settle its 23 million breaches of the anti-money laundering and counter-terrorism financing laws. Westpac also indicated that $500m in write-offs would be for improving its compliance…
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