Insights
Narev sets aside $40m to combat dirty cash
Commonwealth Bank has committed to spending $40 million over the next 12 months in a bid to fortify its anti-money laundering technology capabilities; a sum that has divided opinion in banking technology circles. While some have said the new investment is overkill from a bank trying to rehabilitate a tarnished reputation, others say $40m may…
Read MoreCommonwealth Bank exploring upgrades to transaction monitoring software
Commonwealth Bank of Australia is considering using new software to improve the way it monitors suspicious activity throughout the bank, suggesting the money-laundering scandal could be a tipping point that breaks down CBA’s insular approach to technology development. With AUSTRAC suing CBA for failures in identifying suspect deposits, the bank has been exploring how new regulatory…
Read MoreAustralian financial review – CBA money laundering scandal: how it happened
Anthony Quinn talks about the money laundering scandal that surrounds one of Australia’s major banks. Follow us on LinkedIn and Twitter for a daily dose of financial crime news across the globe.
Read MoreRegtech gets a voice
The Regtech Association, launched late last week, is a first of its kind. It’s a product of the latent demand in the finance industry for specialist technology in this area, says Eric Frost, CEO of Simple KYC, one of the association’s founding members. “Regtech is quickly emerging due to the demand for such technology,” Frost…
Read MoreStart-ups form regtech industry association
A new industry group to represent the emerging regulatory technology, or regtech, industry has been formed in order to encourage collaboration between start-ups and regulated companies as the rise of artificial intelligence technology points to a new age of proactive compliance monitoring. A dozen Australian start-ups have come together to form the RegTech Association, which…
Read MoreArctic Intelligence ranks 57th in the RegTech top 100 power list
Welcome to the RegTech Top 100 Power List: the most influential RegTech firms presented by PlanetCompliance Regulatory Technology aka RegTech is revolutionising how we deal with financial regulation. To overcome the old ways of spreadsheets, smart start-ups, as well as more established players, use innovative technology like Artifical Intelligence or Blockchain to help banks comply…
Read MoreRegTech Association launches with spotlight on growing eco-system
29th March 2017, Sydney, Australia. The RegTech Association will officially launch tomorrow with a high-profile event in Sydney, where the first-of-its-kind group will be hosting an exclusive speaker panel, including some of the industry’s key influencers, movers and shakers; who will discuss the state of play and future opportunities for growing the RegTech eco-system in…
Read MoreFacing the Reg Tech wave in financial crime
Though it has been stated that regtech is the new fintech, it is different in one fundamental aspect: it is not there to compete but to facilitate GRC frameworks in organisations and to make them more efficient. According to Richard Gluyas at The Australian, Treasurer Scott Morrison said that “The automation of compliance with regtech…
Read MoreFinancial Crime Solutions provides online auditing tools to help businesses manage compliance and risk
Financial crimes like fraud, money laundering, bribery, and corruption only make it onto the average person’s radar through either sensationalist news headlines concerning high powered politicians or business leaders, or crime procedurals on TV. However, these crimes – or, specifically, ensuring they don’t occur – can be costly, on-going headaches for thousands of businesses big…
Read MoreKey FATCA implementation challenges
In this podcast, Ross McGill from T-Consult speaks to Anthony Quinn from Arctic Intelligence to explore the issues involved with implementing tax compliance programs, the key challenges of implementing FATCA and the risks of non-compliance. Click here to listen to the original full podcast.
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