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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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
Arctic Intelligence expands global reach with first North American client
Arctic Intelligence has expanded its global presence with the addition of its first North American client, Bendix Foreign Exchange and Payment Solutions. With operations in Canada and USA, Bendix Foreign...
GRC Institute Podcast with Anthony Quinn: Explainability & Defendability
Arctic Intelligence CEO and founder, Anthony Quinn, speaks with Kwame Slusher, Editor at GRC Institute about 'explainability' and 'defendability' in the context of AML/CTF risk and compliance frameworks. https://www.professional.org.au/single-post/2019/07/31/Explainability-Defendability
Arctic Intelligence wins RegTech Start-Up of the Year
Arctic Intelligence has won the RegTech Start-Up of the Year award at the fourth annual FinTech Awards 2019. The award was given to Arctic Intelligence in recognition of its industry-leading...
Is Australia’s methamphetamine problem falling down the cracks (slight pun intended!)?
If you thought it was just Antarctica that has a major ice problem you’d be wrong, Australia is facing an ice problem of epidemic proportions. After reading recent articles over...
Concerns over use of spreadsheets to manage AML compliance
In a recent industry presentation to risk and compliance managers in Australia by regulatory software provider Arctic Intelligence, an audience poll revealed 54% of respondents listed reliance on spreadsheets for...
Is Excel really fit for purpose to run risk and compliance assessments?
Author: Anthony Quinn, CEO and Founder, Arctic Intelligence I am often asked by prospective banking and consulting clients to help them justify why they should adopt RegTech and not continue...
Fintelekt Podcast with Anthony Quinn
Arctic Intelligence CEO and founder, Anthony Quinn, speaks with Shirish Pathak, Managing Director of Fintelekt, about the need for conducting comprehensive AML risk assessments by financial institutions. https://soundcloud.com/user-936602606/fintelekt-podcast-anthony-quinn
FMA NZ cracks down on non-compliant AML/CFT programmes
The Financial Markets Authority (FMA) has issued formal warnings to 10 reporting entities under Section 80 of the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act). The FMA...
FMA warns NZ companies they need to do more to comply with AML/CFT regulations
The Financial Markets Authority of New Zealand issued a stark warning for regulated entities in its recently published Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) 2018 Monitoring Report. Given...
