Insights
Legal briefings: scope of Australia’s AML/CTF regime to be widened
BACKGROUND The terms of reference for the Inquiry, which took place on 9 and 10 November 2021, included, among other things: Senators Kim Carr (Labor), Raff Ciccone (Labor), Karen Grogan (Labor), Nick McKim (Greens), Deborah O’Neill (Labor) and Paul Scarr (Liberal) presided over the Inquiry. Since as early as May 1991, the Financial Action Task…
Read MoreThe Market Herald – Financial crime reporting is about to take a quantum leap
Anthony Quinn is interviewed by Nick Bruechle about the major changes on the horizon in the financial crime industry. Follow us on LinkedIn and Twitter for a daily dose of financial crime news across the globe.
Read MoreTransforming risk assessment techniques
Historically risk assessments have been subjective, inefficient, slow, and infrequent. Moreover, they are the cornerstone to any robust risk and compliance framework. Most GRC platforms do not provide the “know-how” or the content or the data-driven approach, resulting in organizations defaulting back to spreadsheets – until now. Bridging this gap is Arctic Intelligence, a company…
Read MoreAML/CTF regulation for lawyers back on the table
Amidst the hurly-burly of pre-federal election chicanery and Budget 2022 hysteria, it would have been easy to blink and miss one of the more important Senate committee reports for lawyers in the last few years. Follow us on LinkedIn and Twitter for a daily dose of financial crime news across the globe.
Read MoreThe gathering storm – AML/CTF regulation for lawyers back on the table
OPINION PIECE: Amidst the hurly-burly of pre-federal election chicanery and Budget 2022 hysteria, it would have been easy to blink and miss one of the more important Senate committee reports for lawyers in the last few years. Federal Parliament’s final sitting week in March 2022 produced many shocks and revelations, but the Senate Legal and…
Read MoreAML insights that help set the global benchmark in compliance
Arctic Intelligence have produced their 2022 insights survey to gather data from financial crime risk and compliance professionals across the globe. The focus is to understand how organisations conduct their money laundering and terrorist financing governance. This survey delves into the intricacies of what Arctic Intelligence believes to be the cornerstone of every anti-money laundering…
Read MoreMoney laundering reform recommendations for ‘gatekeeper professions’
On 30 March 2022, the Federal Senate Legal and Constitutional Affairs References Committee (Committee) released its report regarding the adequacy and efficacy of Australia’s anti-money laundering and counter terrorism financing (AML/CTF) regime. The Committee’s report focused on the implementation of an AML/CTF regime applicable to designated non-financial businesses and professions (DNFBPs) (often described as ‘Tranche…
Read MoreSet them free
Ramp up your company’s response to modern slavery in 2022. For the first time, many directors are faced with the unfamiliar task of reviewing and approving their organisation’s modern slavery statement. The Global Slavery Index 2018 (GSI 2018) has estimated that on any given day in 2016, there were 15,000 people living in conditions of…
Read MoreIt’s all just a little bit of history repeating itself: How business risk assessments could help to reduce the de-risking of the crypto currency sector
Introduction In 2021, a Select Committee was set up in Australia to receive evidence on the country’s role as a technology and financial centre. Several different topics were canvassed, for which a variety of stakeholders made written submissions. One of these topics was the evolution of the cryptocurrency sector and the service providers who support…
Read More4 good reasons why crypto businesses should complete an AML/CFT business risk assessment
Introduction If you work for a cryptocurrency business (“business”), chances are you’re in the process of becoming or have recently been authorised by a financial services regulator. If you’re fortunate enough to have already been authorised, you may have been required as part of that process to submit an AML/CFT business risk assessment (“BWRA”). Depending…
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