Customer Insights – May 2020

Historically, we’ve seen our customers conduct their risk assessments on an annual basis. In the past 6 months this has changed and we are now seeing assessments completed more frequently.

What has driven the shift?

  • Regulatory expectation is changing. Across the globe we have witnessed many regulatory bodies enforcing new rules to protect businesses from criminals who are evolving their tactics
  • COVID-19 has seen regulators issue updated guidance and as a result, the regulators are recommending regulated entities revisit their risk assessments and reassess effectiveness of controls as new threats emerge
  • Ease of reviewing and updating their risk assessment using our technology platforms particularly during remote working situations

The latest version of our Risk Assessment Platform has been released, with the enhanced functionality enabling customers to conduct risk assessments more broadly than money laundering / terrorism financing and with increased flexibility for tailored methodologies and models.

In addition, our Risk Assessment Platform now enables customers to tailor with company branding and customise email templates.

Finally, we have updated the AML Accelerate program / policy guidelines and risk indicators to reflect regulatory changes and guidance in Canada, South Africa and New Zealand. Updated risk indicators across all jurisdictions now allow customers to capture the impacts of COVID-19 on their programs.

We look forward to our upcoming User Forum where customers will be invited to provide feedback on our AML solutions. Outcomes from these sessions will form the basis for future product enhancements and are critical to the success of our technology evolution. Stay tuned.

– Patricia Sellars-Jones, Customer Manager @ Arctic Intelligence

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