Newsletter – 01 July 2019

What we’re hearing…

Anyone who knows me well will know that I’m a passionate advocate for the benefits of using RegTech to help regulated businesses manage financial crime risk and compliance exposures and protect them from being exploited by organised criminal networks. I’m often asked by prospective clients to help them justify why they should adopt RegTech and not continue using spreadsheets for managing risk and compliance engagements, here are my thoughts…

Lately we’ve heard a lot from regulators, regulated entities and industry professionals, on the critical role that enterprise money laundering and terrorism financing risk assessments play in helping regulated businesses identify and assess risks so they can design, implement and maintain appropriate and proportionate risk-based systems, procedures, and controls to mitigate and manage risk exposures. 

We know from speaking with hundreds of companies, that this presents a significant challenge for many regulated businesses. Regulators are increasingly asking these businesses to justify and defend the risk assessment and appropriateness of the control environment.  We expect that they will become increasingly tougher in enforcing risk management and compliance failings.

If you are a regulated business and want to learn about industry best practice for conducting money laundering and terrorism financing risk assessments, we’re running a free webinar on 3 July. To register, click here.

– Anthony Quinn, CEO and Founder, Arctic Intelligence


News in brief

AUSTRAC says it suspects Afterpay breached anti-money laundering and counter-terrorism financing laws and now requires them to appoint an authorised auditor. Read more

A reminder for regulated entities in Australia that AUSTRAC requires self-assessment AML/CTF compliance reports to be submitted by 31 March each year. Read more

FATF is focusing on Hong Kong, stating that the jurisdiction still has some work to do in bolstering how it tackles financial crime and other offences. Read more

The global watchdog, FATF, recently concluded it’s June plenary and announced a number of new strategic initiatives to stem global financial crime. Read more.


The latest from Arctic insights

To browse our full catalog of articles, press releases, case studies and interviews click here

  • FMA warns NZ companies they need to do more to comply with AML/CFT regulations. Read more.
  • Client Case Study – Suncorp
  • Anthony Quinn, spoke with Shirish Pathak, Managing Director of Fintelekt, about the need for conducting comprehensive AML risk assessments by financial institutions.Listen to the podcast here.

Upcoming event

If you want to learn more about how to implement a best practice approach to identify and assess money laundering risks, and implement policies and procedures that are appropriate and proportionate to the risks your business might face, register for our free webinar on Wednesday, 3 July, 1-1.45pm (AEST). Register here.


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