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What we are hearing – March 2021

Arctic Intelligence | What we are hearing March 2021

The deadline for filing AUSTRAC’s annual compliance report for the 2020 calendar year will expire 31st March for the estimated 14,000 reporting entities that are subject to anti-money laundering and counter-terrorism financing (AML/CTF) obligations in Australia. The annual compliance report is a mandatory requirement and AUSTRAC may impose penalties on regulated entities that fail to…

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July 2020 Note from CEO

Arctic Intelligence | Awarded Innovation Award

As we continue to watch the rapid acceleration of covid-19 both in Australia and overseas create wide-reaching impacts on our business and personal lives it is hard to see a return to anything that resembles business as usual anytime soon. As with any crisis there are always opportunists looking to make a fortune from others…

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Customer Insights – July 2020

Arctic Intelligence | Customer Insights

It’s been a busy month as we developed and released the latest version of AML Accelerate, hosted the first in a series of User Forums, welcomed a host of new users, and responded to some great questions from our community. Product News We’re pleased to announce the latest update to AML Accelerate. The new release…

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June 2020 Note from CEO

Arctic Intelligence | Financial Crime Risk Management Solutions

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

Arctic Intelligence | What we are hearing March 2021

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

Arctic Intelligence | Financial Crime News - January 2021

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

Arctic Intelligence | Financial Crime Risk Management Solutions

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

Arctic Intelligence | Financial Crime News

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

Arctic Intelligence | Financial Crime News - January 2021

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

Arctic Intelligence | News in Brief March 2021

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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