Is your business vulnerable to financial crime?

We can help with your financial crime risk assessment.

 

 

Financial crime is a significant global problem.

Financial crimes like money laundering, terrorism financing, tax evasion, human trafficking, bribery, corruption and fraud cost the global economy between USD$1.6 and USD$2.2 trillion a year.

Less than 1% of criminal proceeds are ever recovered and organised criminal networks are generating billions in profits to reinvest in their illegal activities.

The human cost of financial crime is incalculable.

Financial crime is growing exponentially and devastating our communities.

  • 40 million victims of slavery (25% of victims are children)
  • Drug use is increasing and drug addiction is reaching epidemic levels
  • Domestic and gang-related violence is steadily increasing
  • Drug related suicides and overdoses are rising fast
  • Emergency services (police, hospitals, courts) are overwhelmed
  • Breakdown in families is increasing at alarming rates.

Organised criminal networks are profiteering and creating wide-spread harm and this is unacceptable - we all must do much more to fight financial crime.

 

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Criminals are laundering billions through our institutions every day.

Financial crime proceeds are free flowing through financial institutions, casinos, gaming venues, real-estate, high-value goods and other sectors.

Regulated businesses are legally obligated to deter, detect and report to regulatory authorities - many fail to as they lack the resources, skills, tools and capabilities to prevent this from happening.

 

Financial crime risk assessments are at the heart of tackling this problem.

Understanding how your business is vulnerable to the risks of exploitation by organised criminal networks is fundamental to tackling this problem.

Regulated businesses must identify and assess the risks posed by:

  • The types of customers you establish and maintain relationships with
  • The types of products and services you offer may be attractive to criminals
  • The channels you offer these products and services may provide anonymity
  • The geographies that you are exposed too, could increase your risks
  • The internal and external environmental context may present unique risks.

It is your responsibility not only to identify and assess your businesses risks to money laundering and terrorism financing but you are also required to design, implement and maintain appropriate and proportionate controls to mitigate and manage the risks you have identified.

 

 

The tone starts (and ends) at the top.

Boards and Senior Executives are ultimately accountable for oversight of financial crime risk management programs to ensure they:

  • Identify and assess the ML/TF risks your business might typically face
  • Mitigate and manage ML/TF risks in an appropriate and proportionate way
  • Remain aligned to the Board’s Risk Appetite and Risk Tolerance statement
  • Are appropriately resourced by skilled, experienced & knowledgeable staff
  • Are prepared to explain and defend their ML/TF risk assessment to regulators
  • Are protecting the public and shareholders from facilitating criminal activity.

 

The game is changing, ignore the warning signs at your peril.

After decades of inaction, many countries and organisations are now under significant pressure to reform themselves amid systemic conduct risk and cultural failures.

Regulated businesses face increasing pressure from many angles:

  • Royal commissions into misconduct, including financial crime risk failures
  • The rise in personal accountability regimes, resulting in fines of individuals
  • Increase in enforced audits to forensically examine the state of compliance
  • Increase in frequency and depth of compliance reporting to regulators
  • AML laws are expected to extend to new industry sectors
  • Increase in fines and penalties, with single penalties reaching billions

Many Board Directors, CEO’s, and Executive Management have lost their jobs (and reputations) for being asleep at the wheel for too long.  Time is not on your side.

 

 

When the tide goes out, don’t get caught
swimming naked!

You must act now to manage your financial crime risks appropriately or you could face consequences including:

  • Civil penalties costing billions of dollars in fines
  • Criminal penalties for wilful blindness and failure to act against Directors
  • Remediation projects costing millions and distracting management for years
  • Sharp declines in your companies share price and market capitalisation
  • Class action suits by shareholders and victims of financial crime
  • Unrelenting mainstream and social media scrutiny, examining failures
  • Clean-out of the Board and Executive Management unsettling the rank and file.

 

Financial crime risk management is
critical to the future of your business.

Business-wide risk assessments are at the heart of any anti-money laundering or counter-terrorism financing compliance program, but it is often poorly understood or poorly executed, using manual processes that are time consuming and costly to conduct and are often hard to explain and defend to your key stakeholders.

At Arctic Intelligence, we have helped hundreds of businesses of all different shapes and sizes, in different industries and countries to conduct financial crime risk assessments in a smart way that is easy and highly effective in strengthening their defences against organised criminal networks.

We call this. Compliance. The Smart Way.

Trust our multi-award winning risk assessment platforms

At Arctic Intelligence, we have been widely recognised as experts in financial crime regulatory technology (RegTech) and have developed two multi-award winning financial crime risk assessment platforms.

AML Accelerate Platform

Arctic’s AML Accelerate Platform is cloud-based and designed for smaller and medium sized businesses who want to be guided through a comprehensive ML/TF risk assessment process, document their AML/CTF Program and keep track of action plans easily!

The ML/TF Risk Assessment and AML/CTF Policies/Programs have been tailored to 30+ industry sectors and tailored to the laws of over 30 countries (so far).

Risk Assessment Platform

Arctic’s Risk Assessment Platform is cloud-based and fully customisable and designed for larger businesses that want to configure their risk methodology, build risk models, import control libraries, apply weightings, build real-time dashboard reports and much more.

Our experts have developed risk domains across many financial crime disciplines like money laundering, sanctions, fraud, correspondent banking, human and wildlife trafficking or you can build your own.

 

Book your demo now
AI - Suncorp Case Study

Arctic Intelligence has helped
hundreds of businesses just like yours

Arctic Intelligence has developed a suite of multi-award winning business-wide financial crime risk assessment solutions and is trusted by hundreds of clients in over 20 industry sectors and 15 countries to help them to manage their financial crime risk assessment process in a technology-enabled, human-led approach. 

Financial crime risk assessments need to become embedded within your business to appropriately respond to a rapidly changing, risk, threat and regulatory landscape - spreadsheets are simply not able to cope, you need to do more to strengthen your defences against financial crime.

^ United Nations Office on Drugs and Crime (UNODC)

 

Discover risk assessment trends in your industry:

Arctic Intelligence commissioned our second AML Industry Benchmarking Report recently. In it, we unpack our key findings and recommendations based on hundreds of ML/TF risk assessments across key industries.

 

BENCHMARK REPORT 2022 COVER

Hear about Arctic’s Risk Assessment Platform from our
Founder and CEO, Anthony Quinn

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