Arctic Intelligence | Latest News
Arctic Intelligence
Compliance. The smart way. Transform your financial crime risk assessment and protect your business.
CEO Message
Last month I travelled to Singapore and the UK to meet with financial crime professionals. It’s always refreshing and insightful to discuss what’s happening in different parts of the world, as well as in diverse industries and from varying perspectives.
In under 2 weeks, we literally pounded the pavements, racking up over 100,000 steps and 100km, meeting new and prospective clients and partners.
Many of those we spoke to had been busy doing s166 AML/CTF Program reviews. I was interested to learn that business-wide risk assessments are often found to be poorly designed, conducted infrequently and executed ineffectively (or all three).
Further, most consultants we spoke to provide financial crime risk assessment advisory services using (you guessed it!) Excel. All could see the value to their practices and clients in digitising their approaches. This was promising to hear and we’re hopeful of expanding our partner network with these practices soon.
Industry Updates
> APAC
This month our focus region is in the APAC region and in particular Australia, which is warming up on quite a few fronts.
Last month, the Financial Action Task Force (FATF) conducted its 4th Enhanced Follow-up Report (FUR) which analysed Australia’s progress in addressing some of the technical compliance deficiencies identified in the last Mutual Evaluation Report (MER).
As it now stands, Australia has 18 Recommendations rated Compliant, 12 Largely Compliant, 6 Partially Compliant and 4 Recommendations rated Non-Compliant.
The Non-Compliant areas included expanding AML/CTF laws to Gatekeeper Professions. This is something successive Australian Government’s have failed to act on for over 15 years.
An update from the Attorney General's Department
On 2 May the Attorney General’s Department announced the long-awaited second stage of the consultation process which runs until 13 June 2024 and comes with a series of associated consultation papers.
Arctic is currently reviewing and aims to provide a submission into this consultation process in due course.
Company Announcements
> New Content
In April, we further expanded the content?available in?AML Accelerate. It now includes eight new countries across Asia. These include the?Philippines,?Sri Lanka,?Indonesia,?Cambodia,?Thailand,?Vietnam,?Malaysia?and?India.
We will be progressively expanding the country-specific content available within AML Accelerate over the next few months so watch this space!
> Awards
Shortlist 2024 - ICA Compliance Awards
We're delighted to announce that Arctic Intelligence has been announced as one of the finalists in the ICA Compliance Awards in the technology partner of the year category.
Finalist (Excellence in RegTech) 2024 - FinTech Awards
We're excited to share that Arctic Intelligence has been unveiled as a finalist in the 2024 Finnies under the category of Excellence in Regtech.
> New Clients
New Resources
> Factsheet
The key elements of an effective ML/TF risk assessment and AML/CTF Program Factsheet
At the heart of any effective AML/CTF Program comes a clear understanding of how your business could be exploited by organised criminal networks based on the products and services offered, the channels these are distributed through, the types of customers your business deals with and the exposure to certain countries.
Download our free guide to the key elements of an effective money laundering / terrorism financing risk assessment and AML / CTF program and explore some of the key challenges in setting up an effective and mature program.
领英推荐
> Blog
The Risks of Form over Substance
AML/CFT and Sanctions compliance programs are not just about checking boxes. While regulations are crucial, focusing solely on appearances creates substantial risks for financial institutions. This blog post from our partner?MSB Compliance dives into the dangers of prioritising form over substance and explores how to build effective programs that truly combat financial crime.
Events
> Upcoming Webinars
Enterprise-wide money laundering risk assessment tailored to 30 industry sectors and 50 countries.
Designed for smaller and medium-sized businesses who want to be guided through a comprehensive ML/TF risk assessment process, and document their AML/CTF Program and keep track of action plans easily!
Fully configurable financial crime risk assessment platform designed for complex enterprises.
Designed for larger businesses that want to fully configure the risk assessment - build risk methodologies, bespoke risk modules, import control libraries, apply weightings, real-time dashboard reports and much more!
> Upcoming Events
Anti Money Laundering and Financial Crime Congress - Sydney - 15 May 2024
How do you navigate the global complexity of financial crimes, and, as a responsible practitioner, how do you get the right attention and resources to manage and mitigate the risks?
The ACI is committed to supporting its members and all those who need to understand the most up-to-date changes, practices and challenges in compliance and all aspects of financial crime.?
To help you connect the dots and map a path to success ACI have put together another compelling program for the 2024 Anti Money Laundering and Financial Crime Congress.
Arctic Intelligence?Founder and CEO, Anthony Quinn is delighted to be involved with this event as an expert speaker on the panel.
Have a great day. If you have any queries regarding any of Arctic Intelligence’s award-winning products and how they can help your business,?please get in touch.?We look forward to discussing your financial crime risk assessment soon.
Regards,?
Anthony Quinn and the team at Arctic Intelligence
Founder / CEO