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Customer Insights – July 2021

July was full of updates, with the Risk Assessment Platform updated to v1.10, recent regulatory updates from DIA incorporated into the AML Accelerate AML Policy template and CDD Standards template, and the addition of Proliferation Financing risks to AML Accelerate and Risk Assessment. This month we also hosted the AML Accelerate APAC User Forum 2021.

Platform Updates

The Risk Assessment Platform version 1.10 is now live. This release adds configuration options for Single-Sign-On authentication. Company Admins can configure SSO in the new Authentication screen that is accessible from the Settings menu.

See our Release Notes for more information.

DIA has announced updates to the New Zealand AML-CFT regulations. These regulatory changes came into effect on 9 July 2021 and now form part of the NZ AML Policy template and the NZ CDD Standards template in AML Accelerate.

NZ AML Policy template updates: 

  • Chapter 7 CDD programme: 7.4 Landlord due diligence (where applicable)
  • Chapter 8 Enhanced CDD: 8.2 Enhanced CDD triggers
  • Chapter 15 Reporting: 15.4 International funds transfers
  • Chapter 18 Audit of the ML/TF risk assessment and AML/CFT: 18.1 AML/CFT audit objectives.

NZ CDD Standards template updates: 

  • Chapter 3 Private Companies: 3.1 Collection of identity information
  • Chapter 4 Public Companies: 4.1 Collection of identity information
  • Chapter 5 Trusts: 5.3 Verification of the trustee(s)
  • Chapter 10 Enhanced CDD: 10.1 Enhanced CDD approach.

Proliferation Financing Risks

Having a counter-proliferation approach is essential for businesses seeking to obstruct channels used to fund the proliferation of nuclear, chemical or biological weapons. By addressing proliferation financing risks, businesses are helping to complicate proliferators’ ability to procure anything related to the development of weapons of mass destruction and their means of delivery. 

Risk Assessment incorporates Proliferation Financing risk in the ML & TF Enterprise Risk Model v1.5. Immediately available to all customers using the Anti-Money Laundering and Terrorist Financing content module.

AML Accelerate incorporates Proliferation Financing risk in the ML & TF Risk Assessment section, under Environmental Risk > Targeted Financial Sanctions > Higher Risk Customers. Immediately available in all AML Programs created in AML Accelerate from 13 July 2021.

AML Accelerate APAC User Forum 2021

We conducted our 2021 AML Accelerate APAC User Forum on 29 July. We hosted this virtual event for our customer base and discussed the recent regulatory updates, new and upcoming features, and heard from our users about what features and enhancements they want to see in the platform. The User Forum is an exclusive event for our Arctic Intelligence customers who subscribe to AML Accelerate; contact us at [email protected] for details.

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