Insights
Westpac 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…
Read MoreUK FCA unveils 2020/2021 business plan
OPINION: Earlier this week the UK’s Financial Conduct Authority (FCA) issued its business plan for 2020-2021, which outlines their priorities for the financial year including the industry sectors that it will focus its attention on, its key financial crime prevention priorities and specific activities it plans to undertake. The FCA’s key priorities are threefold:- sharing…
Read MoreAnti-money laundering law breaches
OPINION: BREAKING BAD (NEWS) – While the world is in panic there has probably never been a better time to break some bad news and yesterday it was HSBC Australia’s turn to self report compliance breaches to AUSTRAC. At this point in time it is unclear what obligations the compliance breaches relate to, how many…
Read MoreWhat is the true cost of financial crime compliance?
OPINION: Earlier this week LexisNexis Risk Solutions released the results of its global True Cost of Financial Crime Compliance Study which polled nearly 900 financial crime compliance decision makers and found that financial institutions spent $181 billion on financial crime compliance last year. In Europe, financial institutions spent 3 to 4 times ($137bn) what their nearest…
Read MoreRisk management during COVID-19
OPINION: Last week, the President of FATF has issued a statement encouraging the governments of FATF-member countries to utilise the principles of the risk-based approach in addressing challenges presented by COVID-19, as well as, remaining vigilant to new and emerging threats resulting from an increase in fraud and exploitation scams including trafficking in counterfeit medicines,…
Read MoreThe Westpac scandal: how did it happen?
By Charlotte Grieve, The Sydney Morning Herald Westpac is alleged to have breached anti-money laundering laws 23 million times. How does that happen? What are banks obliged to track nowadays? And what does the scandal mean for other banks? The fallout from Westpac’s 23 million alleged breaches of anti-money-laundering laws has plunged the bank into crisis and…
Read MoreGreens pressuring the Australian government to tighten AML laws
The Australian Government has been accused of being hypocritical as Scott Morrison, Peter Dutton and others have all been calling out for Westpac to be held accountable for the 23 million breaches of AML/CTF laws when they are not holding themselves to account. Anthony Quinn, CEO of Arctic Intelligence, a software business specialising in audit,…
Read MoreThe biggest challenges giving the RegTech sector a headache right now
By RegTech Analyst From getting accurate data to responding to new regulatory challenges, there are plenty of opportunities and obstacles to overcome for RegTech innovators. The RegTech sector has come into its own. Ever since the great recession of 2008, governments around the world have been clamouring to tighten up the legislation controlling the financial…
Read MoreWhat do FinTech and RegTech stakeholders think about the new Australian senate committee investigating the industry?
By RegTech Analyst Last week the Australian senate announced it would launch a new select committee to ensure the FinTech and RegTech sectors keep growing and remain compliant. Now, industry leaders have revealed what they think about it. The committee will also take a closer look at how the industry is developing globally. It will also…
Read MoreArctic Intelligence awarded Deloitte 2019 Technology Fast 50 Rising Star Award
Three months after being named RegTech Start-Up of the Year 2019, Arctic Intelligence has been recognised in the Deloitte 2019 Technology Fast 50 Rising Star awards. Now in its 19th year in Australia, the Deloitte Technology Fast 50 program ranks fast growing public or private technology companies based on percentage revenue growth over the past…
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