Arctic Intelligence | Latest News
Arctic Intelligence
Compliance. The smart way. Transform your financial crime risk assessment and protect your business.
CEO Message
Every month we speak to lots of banks around the world and it is still mind-blowing how many of these complex organisations are using Excel to perform business-wide financial crime risk assessments.?
Whilst Excel is good for many things it falls very short of the mark in this area and prompted me to crawl through our blog archives to an article I wrote 5 years ago in 2019 entitled “Is Excel really fit for purpose to run risk and compliance assessments?”, where I outlined 15 reasons why RegTech solutions like AML Accelerate and our Risk Assessment Platform are way better options.?
Unfortunately, not a whole lot has changed in the last 5 years and many organisations are struggling with this. Earlier in the month the UK Anti-Money Laundering regulator the Financial Conduct Authority (FCA), issued another one of its great “Dear CEO letters” highlighting common failings it has observed and one of the four main themes was a failure to conduct risk assessments effectively and many of those common failings could be solved if organisations digitised their approach and is well worth a read as these common failings are just as relevant in every sector and every country.?
If you’re still using Excel to conduct risk assessments and if any of the common failings highlighted in the FCA’s Dear CEO letter resonate with you, then it might be time to upgrade your approach and our team would love to show you how we can help.
Industry Updates
> United Kingdom
This month’s regulatory focus article is on the?UKs Financial Conduct Authorities Dear CEO letter?where we wanted to zoom in on the common failings that they highlighted which relate to risk assessments which we have summarised below.?
The latest Dear CEO letter highlights the common failings identified during interactions with the entities they regulate and contains 4 areas of failure:?
All in all, that is a long list of common issues and we talk to many regulated entities every month and see all of these common failings (and many more), most of which can be solved by investing in technologies that make these issues go away.
Company Announcements
> New Content
In March, we expanded the content available in?AML Accelerate?which now includes six new countries across EMEA including two in the Middle East the?United Arab Emirates?and?Qatar, as well as four countries in the Nordics,?Denmark,?Norway,?Sweden?and?Finland.?
We will be progressively expanding the country-specific content available within AML Accelerate over the next few months so watch this space!
> Job Opportunities
Arctic Intelligence is actively seeking to fill a position:
Administrative and First Line Application Support Specialist
Are you a proactive problem-solver with a knack for organisation and a passion for sharing knowledge? We are looking for a highly organised and dynamic individual to join us in the hybrid role of Administrative and Application Support Specialist. If you thrive in a fast-paced environment and enjoy making a difference, this might be the perfect opportunity for you!
> New Partners
Jade ThirdEye is a secure SaaS solution?that’s purpose-built to automate transaction monitoring, customer screening, case management, and AML reporting, to help you comply with confidence.
Key components of your AML programme are automated with simple workflows and customisation options to suit organisations of any size.
New Resources
> Industry Recognition
Chartis Research's Financial Crime and Compliance50 (FCC50)
Arctic Intelligence is honoured to feature in the inaugural Financial Crime and Compliance50 (FCC50) ranking and report from Chartis Research. This marks the first time Chartis Research has ranked and recognised the vendors in the FinCrime and compliance space, a market likely to be worth more than $26 billion by the end of next year. Their detailed analysis for FCC50 considers firms’ technological advances and strategic direction to provide a complete view of how market leaders are driving transformation in this sector.?
> Blog & Case Study
The Importance of Feedback Loops in Enhancing AML/CFT and Sanctions Compliance Programs
Our partners MSB Compliance put together this insightful article.
MSB Compliance President, Jay Postma notes?"Critical components to ensure adaptability include having effective listening skills within an institution’s culture of compliance and the implementation of effective feedback loops within the compliance framework. These feedback loops, in conjunction with strong governance structures and active listening skills, form the backbone of a robust compliance program capable of preventing the abuse of financial services for money laundering, terrorist financing, and other illicit purposes.”
领英推荐
Northwest Healthcare Properties
Northwest Healthcare Properties Australia and New Zealand invests exclusively in healthcare property and is the largest healthcare real estate owner, manager and developer in the region.
As a managed investment scheme in Australia, their primary goal was to establish a robust Anti-Money Laundering (AML) / Counter-Terrorism Financing (CTF) program that not only adhered to local regulations but also provided a seamless and intuitive experience for their team. Recognising the dynamic nature of regulatory changes, they sought a solution that would keep them compliant without the need for extensive in-house resources.
Events
> Upcoming Webinars
AML Accelerate
Enterprise-wide money laundering risk assessment tailored to 30 industry sectors and 40 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!
Risk Assessment Platform
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!
> Recent Events
Late last month, along with our partners Roy Melnick and Eugene Salvado from Financial Crime Risk Management Consulting (FCRMC), Arctic's CEO Anthony Quinn led a solution showcase webinar hosted by the Compliance Institute of South Africa (CISA) on the challenges organisations face when conducting enterprise-wide financial crime risk assessments culminating in a demonstration of our multi-award-winning Risk Assessment Platform.?
The slides and recording are available for this event for registrants. See link below
> Upcoming Events
Next month, our CEO is heading to the UK to meet with clients and partners and will be in Singapore on Friday 12th April and London from 15th - 24th April, so if you're interested in organising a meeting, please email [email protected]
Join Arctic Intelligence in advancing the fight against financial crime!?
Contribute to our survey for the?2024 AML Industry Benchmarking Report.?
Your anonymous input shapes the collective understanding of enterprise-wide money laundering and terrorism financing risk assessments (EWRAs).?
Take the 5-minute survey now!
Survey Closes on Friday 29th March 2024.
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