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It’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

Arctic Intelligence | De-risking and FinTechs

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…

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4 Good Reasons Why Crypto Businesses Should Complete an AML/CFT Business Risk Assessment

Arctic Intelligence | AML/CTF regulation and Tranche 2 update

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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Australian RegTech of the Year winner, Arctic Intelligence forges global expansion with ICA partnership

Arctic Intelligence | Ramp Up Your Modern Slavery Response

ANNOUNCEMENT : Arctic Intelligence continues its growth trajectory by ending the last quarter of 2021 securing a strategic partnership with the International Compliance Association (ICA) headquartered in the United Kingdom. This deal is mutually beneficial for both parties as the ICA boasts an unsurmountable network of global regulatory and financial crime professionals around the world…

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Weighing up the risk

Arctic Intelligence | Neo Advisory choose Arctic Intelligence to help clients with AML/CTF risk assessments

Organisations are switching to automated assessments of financial crime risks as regulators flag more rigorous scrutiny, says Darren Cade GAICD, CEO of Arctic Intelligence. Risk assessments have in the past been conducted via spreadsheets and based on subjective assessments of what staff perceive to be the likelihood and impact of a potential risk. “Regulators like…

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Understanding the Financial Crime Risk Across Your Group of Businesses

Arctic Intelligence | Understanding the Financial Crime Risk Across Your Group of Businesses

“One of These Things is Not Like the Others…?” Introduction In May 2021, the European Banking Authority (“EBA”) announced that it was consulting on draft guidelines (“Guidelines”) about compliance management and the role and responsibilities of AML/CFT Compliance Officers (“MLROs or AML Officers”). The Guidelines form part of a wider suite of regulatory materials intended…

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EU Update – July 2021

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

Business Wide Risk Assessments are a hot subject We recently wrote about the Dear CEO letter sent by the FCA to Retail banks naming the Business Wide Risk Assessment (BWRA) as an area of concern and one that they need to see significant improvements in. Financial Services aren’t the only firms failing under scrutiny for…

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News in Brief – July 2021

Arctic Intelligence |

Americas The Internal Revenue Service (IRS) is cracking down on crypto-asset tax evasion with virtual currencies and non-fungible tokens. Although designed to be invisible, this scrutiny also aims to identify users who use crypto to launder funds Commission-free stock mobile trading platform Robinhood fined $70m by Financial Industry Regulatory Authority (FINRA) for “systemic supervisory failures…

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Customer Insights – July 2021

Arctic Intelligence | Customer Insights July 2021

July was full of updates, with the Risk Assessment Platform updated to v1.10, recent regulatory updates from DIA incorporated into the AML Accelerate AML Policy template and CDD Standards template, and the addition of Proliferation Financing risks to AML Accelerate and Risk Assessment. This month we also hosted the AML Accelerate APAC User Forum 2021.…

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News in Brief – June 2021

Arctic Intelligence | ACAMS Australasia 2022

AMERICAS Stephen Calk, founder and former CEO of The Federal Savings Bank, is being prosecuted in New York for bribery. He is accused of approving multi-million dollar loans to fund Trump’s 2016 campaign in exchange for a White House appointment. Find out about more about our anti-bribery and corruption solution here. Former CANNTRUST executives charged…

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