Current levels of trust between banks and other regulated entities needs to improve
Money laundering and terrorism financing laws apply to many types of financial institutions but not all companies take their obligations seriously. This has created a void in trust between some types of regulated entity and the financial institutions that bank them.
Over recent years there has been a global trend to “de-bank” other regulated entities who operate in certain high risk sectors. As financial institutions seek to manage their own money laundering and terrorist financing risks, it has been recognised that banking other regulated businesses poses particular money laundering and terrorist financing risks.
The risks become unacceptable, and result in “de-banking”, when the other regulated entity is unable to satisfactorily demonstrate that they have adequate risk based procedures and controls to identify, assess, mitigate and manage money laundering and terrorism financing risk they face.
This has seen many businesses having their bank accounts closed, or them simply not being able to open a bank account in the first place.
This is set to continue with the expansion of AML laws to Tranche 2 businesses
With the expansion of AML/CFT laws to a whole range of non-financial sectors like the accounting and legal professions, as well as, real estate and high-value dealers, it will be important that these entities can demonstrate that they have put in place a credible approach to identifying and managing their money laundering and terrorism financing risks, to avoid the risk of being “de-banked”.
Arctic Intelligence has launched the #buildingbrandtrust movement so that regulated entities can be recognised for having undertaken a robust money laundering and terrorism financing risk assessment and developed a comprehensive AML/CFT Program by displaying the relevant logo on their websites.
The logo is available within the AML Accelerate Platform to download and display on your website.
The AML Accelerate Standard badge indicates that a regulated entity has completed their ML/TF risk assessment and created their AML/CFT Program using the AML/CFT Program Manual platform.
The AML Accelerate Adviser badge indicates that a regulated entity has completed their ML/TF risk assessment and created their AML/CFT Program using the AML/CFT Program Manual platform and has had access to independent AML expert support to assist in the completion of the AML/CFT Program.
The AML Accelerate Practitioner Partner badge indicates that the organisation is an authorised channel partner to provide consulting and advisory services using the AML/CFT Program Manual platform.
We work with many different Practitioner Partners from large multi-national consulting firms, mid-tier consulting firms, boutique AML advisory firms and independent AML experts.
The AML Accelerate Industry Partner badge indicates that the industry association or professional body works with AML Accelerate to raise the level of awareness and compliance across the sector.
We work with many different Industry Partners from different industry sectors, typically by jointly running awareness raising events aimed at increasing the levels of knowledge and experience or the members in understanding the need for ensuring compliance with AML/CFT laws.
The AML Accelerate Commercial Partner badge indicates that the channel partner works with AML Accelerate commercially to co-promote the platform and adjacent software and professional services.
We work with many different Channel Partners from large multi-national brands with marketing leading technologies to smaller specialised technology providers of boutique solutions that can help regulated entities in accelerating their AML/CFT compliance journey.
Do you want to become a consulting partner?
Arctic Intelligence works with a range of consulting partners that offer our solutions to their clients and receive a reseller fee.