Insights
AML/CTF and other legislation amendment bill 2019 introduced to federal parliament
The AML/CTF and Other Legislation Amendment Bill was introduced into Federal Parliament on the 17th October 2019. “The bill is the next phase of the government’s reforms to bolster our anti-money-laundering and counter-terrorism financing, or AML/CTF, regime, to prevent criminals from enjoying the profits of their illegal activities, and to stop funds falling into the…
Read MoreNewsletter – 15 October 2019
What we’re hearing… After launching Arctic’s free AML Pulse Check survey we received hundreds of responses from regulated entities across 12 industry sectors and 10 countries. This survey was designed to help regulated entities to understand where they might have gaps in their AML Programs and ML/TF Risk Assessments and this survey will remain open…
Read MoreArctic Intelligence presents at the RegTech association’s RegTech edge showcase
Regulated entities often face a challenge when sourcing technology best suited to their business. The RegTech Association designed the RegTech Edge program to help address this challenge. RegTech Edge provided an ideal environment for businesses to see a showcase of RegTech solutions including risk management, data analytics, operational efficiency and financial crime. The first of…
Read MorePayPal Australia ordered by AUSTRAC to have AML audit
AUSTRAC has ordered an external auditor be appointed by PayPal Australia to examine ongoing concerns regarding PayPal Australia’s compliance with the AML/CTF Act. In the next 120 days, the appointed external auditor must report on PayPal Australia’s compliance with According to a PayPal Australia spokesperson, PayPal has self-disclosed “an issue” relating to International Fund Transfer…
Read MoreNewsletter – 01 September 2019
What we’re hearing… Over the last month we have seen a fair bit of activity from the Australian Government and AUSTRAC in the run up to the follow-up mutual evaluation visit by the Financial Action Task Force (FATF), which is expected to start in November. The cynics among us could be forgiven for asking, why…
Read MoreArctic Intelligence expands global reach with first North American client
Arctic Intelligence has expanded its global presence with the addition of its first North American client, Bendix Foreign Exchange and Payment Solutions. With operations in Canada and USA, Bendix Foreign Exchange is a leading provider of integrated foreign exchange and global payments solutions that conducts business globally. Mathew Varghese, Chief Compliance Officer, commented“Risk Management is…
Read MoreArctic Intelligence wins RegTech start-up of the Year
Arctic Intelligence has won the RegTech Start-Up of the Year award at the fourth annual FinTech Awards 2019. The award was given to Arctic Intelligence in recognition of its industry-leading risk assessment and compliance solutions, designed to assist regulated businesses in meeting their anti-money laundering compliance obligations. Arctic Intelligence COO, Darren Cade said, “We’re delighted…
Read MoreNewsletter – 01 August 2019
What we’re hearing… Over the last month or so, we have seen a number of high-profile activities from our local regulator AUSTRAC indicating that they are starting to get serious on non-compliance with the AML/CTF Act. Since the Annual Compliance Reporting deadline passed at the end of March, a data mining exercise is underway by…
Read MoreIs Australia’s methamphetamine problem falling down the cracks (slight pun intended!)?
If you thought it was just Antarctica that has a major ice problem you’d be wrong, Australia is facing an ice problem of epidemic proportions. After reading recent articles over the last two months on a couple of substantial drug busts thwarted by the Australian Federal Police, it got me thinking about the sheer volume…
Read MoreConcerns over use of spreadsheets to manage AML Compliance
In a recent industry presentation to risk and compliance managers in Australia by regulatory software provider Arctic Intelligence, an audience poll revealed 54% of respondents listed reliance on spreadsheets for risk assessment which may no longer be fit-for-purpose for conducting anti-money laundering (AML) risk assessments as one of their top three concerns. The poll also…
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