Insights
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…
Read MoreWhat we are hearing – March 2021
The deadline for filing AUSTRAC’s annual compliance report for the 2020 calendar year will expire 31st March for the estimated 14,000 reporting entities that are subject to anti-money laundering and counter-terrorism financing (AML/CTF) obligations in Australia. The annual compliance report is a mandatory requirement and AUSTRAC may impose penalties on regulated entities that fail to…
Read MoreArctic Intelligence, global RegTech firm wins again.
Arctic Intelligence has been recognised by the A-Team Group as the most innovative data privacy project by design PRESS RELEASE – Arctic Intelligence, continues to be recognised globally by industry associations and trade publications as a force to be reckoned with. From RegTech of the Year to Exporter of the Year Awards and now its…
Read MoreNews in brief – February 2021
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Read MoreEU update – February 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…
Read MoreWhat we are hearing – February 2021
Following an 18 month public inquiry by the NSW Independent Liquor & Gaming Authority (ILGA) into the suitability to hold a gaming license at the $2.2 billion newly constructed site at Barangaroo, an investigation has begun on Crown Resorts following ongoing allegations that the casino facilitated large scale money laundering activities. The inquiry led by…
Read MoreCustomer insights – February 2021
In this month’s newsletter, we take a look at two new features in the latest release of AML Accelerate, recap some key features from the recent Risk Assessment Platform v1.8 release, and share the latest answers to questions from our community of users. AML Accelerate v0.53 is now available! With new features and improvements designed…
Read MoreEU update – January 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…
Read MoreWhat we are hearing – January 2021
Happy New Year everyone… As we closed the chapter in 2020 and opened a new one for 2021, organisations are faced with trying to manage their businesses in possibly the highest risk and uncertain economic, political and financial environment of our generation – the time for resilience and strong governance, risk management and control has…
Read MoreNews in brief – January 2021
AMERICAS APAC EUROPE Follow us on LinkedIn and Twitter for a daily dose of financial crime news across the globe.
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