The PRWIRE Press Releases https:// 2020-09-08T23:24:21Z Arctic Intelligence addresses data sovereignty with its global cloud-based risk assessment solution 2020-09-08T23:24:21Z arctic-intelligence-addresses-data-sovereignty-with-its-global-cloud-based-risk-assessment-solution Global RegTech firm, Arctic Intelligence, recognises the importance of data sovereignty for its clients. The latest release of Arctic Intelligence’s cloud-based risk assessment solution, Risk Assessment Platform (RAP), now includes global architecture that ensures client data resides in a data store within their selected region. This enhancement comes into effect 9 September 2020 and addresses concerns across the globe in meeting privacy regulations within the country of origin. Darren Cade, Chief Operating Officer, states, “To put it simply, this enhancement means that Arctic Intelligence will not need to set up separate environments in different parts of the world”. Arctic Intelligence is ISO270001 certified for Information Security and together with the data sovereignty enhancement, it means more clients can leverage the convenience of a cloud-based RegTech solution without the concern of off-shore data.  It removes the need to install software in their own environment. The new architecture includes: -        a single entry point for global clients to the Arctic Intelligence cloud platform -        a single user account across multiple regions -        support for regional databases -        a central hub for replicating non-sensitive data such as templates Cade adds, “If a client registers in a particular region, all of the client specific data and information, such as their financial crime risk assessments, is stored in the relevant regional database. We believe this to be market-leading architecture that will provide great benefit to all of our clients globally”. Arctic Intelligence believes that in order to combat the perils of money laundering, terrorist financing and other financial crimes, it is important to combine a standardised risk-based approach and the use of technology. African Bank Limited adopts award-winning RegTech Arctic Intelligence’s solution, AML Accelerate 2020-06-01T04:03:06Z african-bank-limited-adopts-award-winning-regtech-arctic-intelligence-s-solution-aml-accelerate African Bank Limited invests in Arctic Intelligence’s software, AML Accelerate, to enable seamless completion of Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) enterprise risk assessments. AML Accelerate is a guided anti-money laundering and counter terrorism solution that digitises the enterprise risk assessment process. The output enables African Bank to measure overall financial crime risks and ensure their AML program is proportionate to the level of risk. The solution also ensures the risk assessment and program is in line with the latest guidance from regulators with explainable and defendable results. The software is designed and developed by Arctic Intelligence, global RegTech firm headquartered in Australia. African Bank recognised that the risk-based principle is at the heart of AML legislation worldwide and after significantly researching AML software and solutions globally, decided to procure Arctic Intelligence’s AML Accelerate technology. ‘The solution met our predefined requirements to align with industry best practice, international standards and enable conducting of end-to-end AML risk assessment, capturing of data, electronic record keeping, version control and visualisation of outcomes or reports’ says Lawrence Muravha, Group Head of Financial Crime Department.   Arctic Intelligence’s AML risk assessment technology solution will guide African Bank through a risk-based approach that provides a regulator-ready repository of necessary enterprise risk assessment evidence.   Roy Melnick, MD of Financial Crime Risk Management Consultants and Arctic Intelligence Africa Business Partner says, ‘I would like to congratulate African Bank in taking this important step as the inaugural Africa client for Arctic Intelligence and the AML Accelerate solution. The solution will not only assist them to address financial crime risk and compliance requirements, but also sends a firm message to those involved in illegal activities that Africa Bank is not sparing any effort in safeguarding their organisation’.   Lawrence Muravha, Group Head of Financial Crime Department says, ‘African Bank is very excited with this partnership and we look forward to a long-lasting relationship’.   Global RegTech firm Arctic Intelligence welcomes South African based consultancy, Financial Crime Risk Management Consultants to their partner network. 2020-04-28T02:04:32Z global-regtech-firm-arctic-intelligence-welcomes-south-african-based-consultancy-financial-crime-risk-management-consultants-to-their-partner-network 28 April 2020 – Arctic Intelligence continues to strengthen their partner ecosystem by welcoming a new addition to their global alliance network. This strategic partnership with Financial Crime Risk Management Consultants (FCRMC) will harness support across the African region.   Imelda Newton, Chief Revenue Officer from Arctic Intelligence is thrilled to extend their global footprint and says, “Leveraging local expertise is critical to providing the best outcome for our customers. FCRMC brings a depth of financial crime experience and knowledge to our partnership”.   Amidst the global pandemic COVID-19, it has become apparent that businesses need to be more vigilant as financial criminals are taking advantage of vulnerabilities within businesses. Ensuring anti-money laundering policies, procedures and controls remain proportionate to the current level of risk is critical.   Anthony Quinn, Founder and CEO of Arctic Intelligence believes that “technology has an important role to play in providing regulated businesses and the consulting firms that serve them with capabilities that help them to better understand their risks and build appropriate and proportionate controls to mitigate and manage these vulnerabilities”.   Quinn added “We are excited to be partnering with FCRMC to expand our client and partner network into South Africa and beyond”.   Fostering these partner relationships will digitally transform the fight to minimise financial crime globally. FCRMC provides a combination of expertise and experience of providing risk and compliance consulting services within both public and private sectors.   Roy Melnick, Managing Director of FCRMC says, “We are excited to partner with Arctic Intelligence in bringing their unique products and services to the Africa market. Constant risk assessment and health checks are critical to any financial crime program and organisational operating model. Many African country regulators have recognised this to ensure that control measures within regulated institutions are effective and aligned to changes to the operating environment. Consequently, several countries regulators require regulated institutions to conduct periodic independent assessment of their financial crime risk and control environment, to assist them to bolster efforts to combat financial crime. Today’s financial crime risk mitigation efforts require increased reliance on technology to ensure the consistent application of assessment standards and measurement. The partnership with Arctic Intelligence makes a lot of sense to us and is aligned to our mantra of ‘effectively combating financial crime.”.   Arctic Intelligence continues to grow their international footprint and broaden their coverage across each market. Adoption of this globally focused locally based RegTech continues to grow as regulated businesses digitally transform under this economic state.   Arctic Intelligence Company Overview Founded by Anthony Quinn and headquartered in Sydney, Australia, Arctic Intelligence is a privately owned, globally focused RegTech firm that specialises in audit, risk and compliance software related to financial crime compliance and risk management. Arctic Intelligence has developed three leading cloud-based software solutions that leverage technology to re-engineer the way in which major financial institutions and other regulated businesses manage their financial crime risk and compliance programs. Arctic Intelligence Solution Suite AML Accelerate - A cloud-based, integrated approach to assess and manage enterprise money laundering and terrorism financial risks. Designed for small to medium sized regulated entities.   Risk Assessment - A cloud-based configurable enterprise risk assessment solution for larger complex entities designed to assess the financial crime risk and control framework.   Health Check - An assurance workflow solution for larger complex entities and their consultants to assess the effectiveness of their financial crime compliance programs. Financial Crime Risk Management Consultants (FCRMC Pty Ltd)  FCRMC is a Johannesburg based firm that focuses on bringing the various financial crime risk management stakeholders together. It seeks to create opportunities for the public and private sector participants and service providers to share their experiences, with the objective of finding solutions to common financial crime challenges, aligned to local and global developments and trends. Arctic Intelligence announced as the Australian Founded RegTech of the Year and RegTech Exporter of the Year 2020. 2020-03-19T01:33:11Z arctic-intelligence-announced-as-the-australian-founded-regtech-of-the-year-and-regtech-exporter-of-the-year-2020 Arctic Intelligence was a finalist in three out of six categories and won out against a strong field of other RegTech contenders to be crowned the Australian Founded RegTech of the Year and RegTech Exporter of the Year 2020.   Anthony Quinn, Arctic Intelligence’s founder and CEO was delighted to receive both of these awards, which came shortly after being recognised as a Rising Star in Deloitte’s Technology Fast50 late last year.   Quinn said, “On behalf of the whole team we are honoured that Arctic Intelligence has been recognised for our financial crime risk and compliance management solutions and to have won the Australian Founded RegTech of the Year 2020, is a real achievement against some very worthy contenders and I am incredibly proud of our team who made this happen”.   Quinn added, “I would also like to acknowledge both our clients and partners who have championed the adoption of our financial crime risk and compliance solutions that are now used by hundreds of clients across 18 industry sectors and 9 different countries.    And finally, I would like to acknowledge the role of regulators in encouraging regulated businesses to consider regulatory technology, as well as, the RegTech Association itself for building a thriving community to shine a light on the RegTech sector and the value these solutions can deliver”.   Concerns over use of spreadsheets to manage AML compliance 2019-07-09T00:28:42Z 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 risk assessment which may no longer be fit-for-purpose for conducting anti-money laundering (AML) risk assessments as one of their top 3 concerns.  The poll also found 42% of attendees use an internally developed spreadsheet and 8% use an externally developed spreadsheet. Imelda Newton from Arctic Intelligence says, “It’s definitely a concern that so many businesses are still using spreadsheets to manage such a dynamic and data intensive process; a process that you can’t afford to get wrong if you want to protect your business from the impact of financial crime and satisfy regulatory requirements.”  “We find that this reliance on spreadsheets is usually due to legacy systems that haven’t been updated in a long time, or a lack of awareness around the availability and affordability of regulatory technology. When our clients make the switch from spreadsheets to our AML Accelerate solution, they often tell us that the key benefits include: they can easily explain and defend their risk assessment and program to regulators; the executive team and Board have peace of mind that the approach is based on industry best practice; and AML compliance costs are reduced.”   For more information about best practice AML compliance in Australia, visit FMA warns NZ companies they need to do more to comply with AML/CFT regulations 2019-05-14T03:55:55Z 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 the Act has been in place for more than five years, the FMA stated that they had expected to see more mature processes and policies in place. Future monitoring activity will involve more on-site visits and an increased focus on reviewing independent audit reports. While most regulated entities have a risk assessment process and program in place, the FMA found that a large number are inadequate for the size and nature of the business. Many are also failing to update their risk assessment as they bring on new products and clients, or as country risk ratings changes.  The FMA gave examples of good practice, which include updating the risk assessment and programme at least annually, or whenever something changes in the regulated entity’s business; and ensuring that the risk assessment and program are appropriate for the size and nature of the business. Imelda Newton, Head of Business Development at Arctic Intelligence says “Our advice to regulated entities is that they need to make sure the solution they use for risk assessment and their risk programme is fit for purpose. Ideally it should be dynamic in nature, providing updates and alerts as the risk profile changes due to updated regulations or changes in their business and operating environment. We have an increasing number of New Zealand clients using our cloud-based AML Accelerate solution to conduct their risk assessment and create an AML program that meets the regulatory requirements of the FMA.”    The full report is available here. Businesses need to assess money laundering risk more frequently 2019-04-23T01:24:40Z businesses-need-to-assess-money-laundering-risk-more-frequently In a recent industry presentation to credit unions and mutual banks in Australia,  by Arctic Intelligence, a provider of financial crime prevention audit, risk and compliance software, an audience poll found that many businesses vulnerable to money laundering and other financial crime may not be conducting a comprehensive risk assessment often enough. While half of businesses surveyed said that they conduct an annual money laundering risk assessment, many are only doing it every two to three years. Arctic Intelligence Business Development Manager, Imelda Newton says, “It’s reassuring to see that businesses are conducting regular risk assessments, but we’re concerned that many may not be doing it often enough and face greater risk exposure. While anti-money laundering and counter-terrorism financing (AML/CTF) legislation doesn’t specify how frequently a risk assessment should be done, our recommended best practice is that an assessment is done at least once a year, and whenever an identified trigger occurs. Some of these triggers include the launch of a new product or service, using a new product distribution channel, or expanding into a new geographical territory.” “We’re hearing from the regulators that they have heightened concern regarding the frequency and quality of AML/CTF risk assessments. The downstream impact of a poor risk assessment can be significant.” says Newton. Arctic Intelligence warns many Australian businesses may be vulnerable to financial crime 2019-04-08T01:29:55Z arctic-intelligence-warns-many-australian-businesses-may-be-vulnerable-to-financial-crime Arctic Intelligence, a market-leader in financial crime prevention audit, risk and compliance software, warned today that many Australian businesses may be unaware that their internal risk assessment processes do not go far enough; leaving them vulnerable to money laundering, terrorist financing, sanctions and regulatory non-compliance. With organised crime is estimated to cost the Australian economy more than $36 billion a year (source:, government regulations are tightening and the spotlight is on businesses who may be a target for financial crime, to ensure that they have appropriate controls and programs in place.  The Australian Transaction Reports and Analysis Centre (AUSTRAC) is responsible for ensuring that more than 14,000 Australian businesses, across the financial services and gaming sectors, comply with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF). To meet regulatory requirements under the Act, affected businesses must conduct and maintain an ML/TF risk assessment that identifies and assesses risks and controls across a range of risk categories including; customers, products and services, channels and geographies.  It is expected that the risk assessment is undertaken whenever the business’ risk profile changes and must be subject to Board approval. Founder and CEO of Arctic Intelligence, Anthony Quinn said, “A key component of an anti-money laundering program is the risk assessment. If the risk assessment is not accurate and doesn’t truly reflect the nature, size and complexity of a business, and the systems, procedures and controls that have been implemented are not appropriate and proportionate to these risks, then the AML/CTF program will not be fit for purpose.” “While we fully support the requirements laid out by AUSTRAC, we strongly urge organisations to include additional areas of risk in their assessment, including the internal and external environment in which they operate, their employees, and third party outsourcing.”  “Our anti-money laundering risk and compliance software, AML Accelerate (AMLA) is used by many leading financial and designated non-financial services businesses both in Australia and overseas.  AML Accelerate includes six areas of risk assessment: environment, customer, business, product and service, channel, and country. Starting from this robust assessment of risk to their business, our customers are able to build out an internal anti-money laundering program that compiles with government regulations and helps to protect their business from financial crime.”