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June 2020 Note from CEO

Since we issued our last newsletter an incredible amount of activity has been happening in the financial crime space globally, that it’s made drawing up a shortlist of things to talk about a bit  challenging…! In Australia, the most significant development occurred on June 4th, when Westpac released its 48-page response to AUSTRAC’s statement of…

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EU Update – June 2020

UK regulator issued second largest fine for AML failings.  The FCA has fined Commerzbank London £37,805,400 over anti-money laundering failures between 2012 and 2017. The original fine was reduced from £57,007,800 as Commerzbank agreed to resolve the matter at an early stage Commerzbank breached Principle 3 of the FCA’s Principles for Businesses, which requires firms…

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Customer Insights – June 2020

In industry news, AUSTRAC has announced the deadline for 2019 compliance reports is 30 June 2020, extended from 31 March, due to the impact of COVID-19. And small to medium businesses restricted from opening during COVID-19 will not be penalised for missing the deadline. Meanwhile in New Zealand, the DIA has extended the timeframe for…

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May 2020 Note from CEO

One of the positives to come from COVID-19 is having a bit of extra time to reflect on everything that is going on in the world and to spend some time reading articles, listening to podcasts, tuning in to webinars and catching up with clients, colleagues and partners. Of the webinars I tuned in to…

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Customer Insights – May 2020

Historically, we’ve seen our customers conduct their risk assessments on an annual basis. In the past 6 months this has changed and we are now seeing assessments completed more frequently. What has driven the shift? Regulatory expectation is changing. Across the globe we have witnessed many regulatory bodies enforcing new rules to protect businesses from…

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News in Brief – May 2020

The impacts of COVID-19 continue to arise globally and we see countries and regulatory bodies implementing and enforcing new measures to minimise the implications of financial crime and in particular anti-money laundering (AML). In such a turbulent economy, the adaptation of AML solutions is increasingly becoming a norm as businesses look to further protect their…

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EU Update – May 2020

Earlier this month the EU announced it had put forward a series of measures designed to further strengthen the EU’s framework to fight against money laundering and terrorist financing. An Action Plan for a Comprehensive EU policy on Preventing Money Laundering and Terrorist Financing. This comes after a turbulent few year for a few Member…

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April 2020 Regulatory Updates

We’ve listed some of the regulatory updates from around the globe below. Follow us on LinkedIn for more updates. AUSTRALIA: AUSTRAC has a new customer verification Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) Rule to support the early release of superannuation initiative CANADA: FINTRAC has issued an update to suspicious transaction reporting HONG KONG: The…

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Meet Our Partners

We have a network of partners with financial crime risk management expertise across the globe that cover both private and public sectors. We would like to give you an exclusive look into our global alliance by introducing our AML/CTF consultancy specialists through this video series. Watch Anthony Quinn, Arctic Intelligence Founder and CEO interview our…

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April 2020 Insights

AUSTRAC OUTREACH ON COVID-19:  Since mid-March AUSTRAC has been reaching out to the ~15,000 businesses that it regulates recognising some of the challenges Australians and Australian businesses are facing due to the global pandemic by providing assistance and regular updates on what businesses can do to work with AUSTRAC during this period. AUSTRAC has extended…

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