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The role of designated non-financial services businesses in laundering funds in Australia

OPINION: At the present time Australia’s anti-money laundering and counter-terrorism financing laws do not apply to certain designated non-financial services businesses (DNFSBs), which is a major vulnerability against efforts to...
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Westpac plan for a $900M fine after AML/CTF breach

OPINION: Today Westpac indicated that it expects to suffer write-offs of $1.4bn against its first-half earnings, with $900m of this amount being what the bank expects to pay to settle...
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What is the true cost of financial crime compliance?

OPINION: Earlier this week LexisNexis Risk Solutions released the results of its global True Cost of Financial Crime Compliance Study which polled nearly 900 financial crime compliance decision makers and found...
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The Westpac scandal: how did it happen?

By Charlotte Grieve, The Sydney Morning Herald Westpac is alleged to have breached anti-money laundering laws 23 million times. How does that happen? What are banks obliged to track nowadays?...
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Greens pressuring the Australian government to tighten AML laws

The Australian Government has been accused of being hypocritical as Scott Morrison, Peter Dutton and others have all been calling out for Westpac to be held accountable for the 23...
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The biggest challenges giving the RegTech sector a headache right now

By RegTech Analyst From getting accurate data to responding to new regulatory challenges, there are plenty of opportunities and obstacles to overcome for RegTech innovators. The RegTech sector has come...
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What do FinTech and RegTech stakeholders think about the new Australian senate committee investigating the industry?

By RegTech Analyst Last week the Australian senate announced it would launch a new select committee to ensure the FinTech and RegTech sectors keep growing and remain compliant. Now, industry...
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Arctic Intelligence awarded Deloitte 2019 Technology Fast 50 Rising Star Award

Three months after being named RegTech Start-Up of the Year 2019, Arctic Intelligence has been recognised in the Deloitte 2019 Technology Fast 50 Rising Star awards. Now in its 19th...
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Poor legal advice led to AML/CTF breaches at Afterpay

In June 2019, AUSTRAC ordered Afterpay to appoint an external auditor after the agency identified concerns with Afterpay's compliance with anti-money-laundering laws.  The final report from external independent auditor Neil...
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Tech transition proves a tough act for banks

- By Supratim Adhikari Westpac chief executive Brian Hartzer’s carefully laid out plans to leverage new technology to cut costs and transform the bank’s processes now lie in tatters, as...
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FATF caves as Australia keeps propping up property market with black money

by Nathan Lynch -- 20 November 2019 Welcome to the dark side of the Great Australian Dream, an investigation by Nathan Lynch. Australia is facetiously referred to as the Lucky Country for its ability to...
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FATF suspends Australia’s AML law evaluation

The Financial Action Taskforce (FATF) has suspended the evaluation of financial crime laws mid-way through an examination of Australia's progress in the area. A FATF spokesman said, "In October, the...
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NAB may face heavy penalties after admitting money-laundering breaches

Hot on the heels of Westpac’s announcement three weeks ago that it has provisioned hundreds of millions of dollars for additional remediation costs and a potential fine by AUSTRAC, over...
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Property continues to be the AML weak link in Australia

Australia is still lagging behind global standards in the developed world when it comes to combating the flow of illicit money entering the property market. AUSTRAC has estimated that there...
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The Solicitor Regulation Authority: One in five UK law firms fails to comply with money laundering rules

Following the discovery of law firms not complying with anti-money laundering regulations, the Solicitor Regulation Authority (SRA) is planning to launch money laundering investigations into 7,000 law firms. Solicitor firms...
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Arctic Intelligence expands global reach with a new UK based client

Arctic Intelligence has launched AML content tailored for UK and expanded its global presence with the addition of a new UK based client, Castle Harbour Securities. Castle Harbour, a boutique...
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AUSTRAC releases mutual banking sector money laundering and terrorism financing risk assessment

Yesterday, AUSTRAC released the Mutual Banking Sector Risk Assessment report which concluded that the mutual banking sector has a high level of vulnerability to financial crime with the main threat...
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AML/CTF and Other Legislation Amendment Bill 2019 introduced to Federal Parliament

The AML/CTF and Other Legislation Amendment Bill was introduced into Federal Parliament on the 17th October 2019. “The bill is the next phase of the government's reforms to bolster our...
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Arctic Intelligence presents at the RegTech Association’s RegTech Edge Showcase

Regulated entities often face a challenge when sourcing technology best suited to their business. The RegTech Association designed the RegTech Edge program to help address this challenge. RegTech Edge provided...
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PayPal Australia ordered by AUSTRAC to have AML audit

AUSTRAC has ordered an external auditor be appointed by PayPal Australia to examine ongoing concerns regarding PayPal Australia’s compliance with the AML/CTF Act. In the next 120 days, the appointed...