• AML Accelerate in the media

    AML Accelerate is at the forefront of regulatory reform and has featured in a number of media articles.

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Regtech still finding its feet, as banks and regulators do delicate dance – James Eyers, Australian Financial Review – 26 February 2018

Australia’s financial regulators gathered in the Market Street offices of the Australian Securities and Investments Commission in Sydney last Wednesday for a private briefing with the Boston Consulting Group. The topic; Fast-moving developments in the world of regulatory technology, aka “regtech”.

Given compliance is one of the few areas in global banking where headcount is expanding – pressuring profit margins – banks see regtech as both a potential cost-saver and a development that could turn backward-looking, legally-focused, box-ticking compliance departments into prospective risk managers.

At last week’s meeting, the consultants from BCG’s Expand subsidiary, which runs the BCG FinTech Control Tower, told representatives from ASIC, the Reserve Bank, the Australian Prudential Regulation Authority, AUSTRAC and Austrade that there are almost 30 regtech start-ups in Australia, the third-largest global regtech hub after the US and Britain. The RegTech Association has been formed to represent the sector’s interests.

In a market with global leaders like Mongo, Metric Stream, and Fenergo, some examples of local regtech start-ups are: Simple KYC, Auraya, Verifier and Trax Print (all verification); Riskflo and TRAction (regulatory reporting); identitii and Luscan (data capture); GRC and Arctic Intelligence, AML Accelerate and Complii (compliance).

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The first step of AML/CFT compliance – understanding your ML/TF Risks – New Zealand Law Society, Law Talk (912) – 3rd November 2017

One of the main aims of New Zealand’s AML/CFT regime is the identification and management of money laundering (ML) and terrorist financing (TF) risks. The first recommendation within the Financial Action Task Force (FATF) standards is a requirement to understand ML/TF risks at a national and regulated entity level. This indicates the importance that the FATF places on understanding ML/TF risk, and its importance to AML/CFT compliance.

It has been internationally recognised since 2003 that Designated Non-Financial Businesses and Professions (DNFBPs), including lawyers and the legal profession, are vulnerable to being used to facilitate money laundering and therefore should be brought into AML/CFT regimes, if they offer vulnerable services such as the creation and management of companies and other legal arrangements.

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Reg tech firms say CBA allegations the ‘tip of the tip’ of the iceberg of money-laundering risk – ABC News, Stephen Smiley – 9th August 2017

As the Commonwealth Bank defends itself against accusations that it enabled terrorists and organised criminals to launder money, one group of businesses has spotted an opportunity. ‘Reg tech’, or regulatory technology businesses, have sprung up in the last few years to help companies safeguard against money laundering. And reg tech businesses say the true scale of money laundering in Australia is virtually unknowable, given the oversight body AUSTRAC has conducted fewer than 100 independent compliance investigations on the 14,000 entities it regulates.

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Gatekeeper professions: the next wave of AML/CFT compliance – by Neil Jeans published in Thomson Reuters Regulatory Intelligence – 20/06/17

Designated non-financial businesses and professions (DNFBPs) have, wittingly and unwittingly, long been conduits for money laundering, terrorist financing and other criminal activity.

The use of DNFBPs to facilitate activities such as bribery and corruption and tax crimes has recently become a higher priority on international and domestic political agendas. The role of some types of DNFBP in tax avoidance and evasion schemes has also been highlighted recently, not least by the Panama Papers.

It can also be argued that the non-inclusion of DNFBPs in anti-money laundering/counter-terrorism financing (AML/CFT) regimes has long placed a disproportionate burden on those businesses that have been subject to AML/CFT regimes. The non-inclusion of DNFBPs also hampers a country’s ability to put in place a comprehensive, proportionate and effective AML/CFT regime based on all money laundering and terrorist financing risks. Read full article…

Outcomes from the FATF FinTech & RegTech Forum – Neil Jeans, RegTech Association – www.regtech.org.au  – 12/06/17

Thanks to the recently formed RegTech Association in Australia and as co-founder of AML Accelerate www.amlaccelerate.com one of the 12 founding members, I was invited to attend the FATF FinTech/RegTech Forum which ran for the last two days in San Jose California.  The Forum brought together the public and private sector to collaboratively to discuss the AML/CFT reality and challenges within the FinTech and RegTech sectors.

There are many takeaways from the two days, but the willingness between all parties to engage and explore how FinTech and RegTech can play an important role in the fight against money laundering and terrorist financing was a clear standout.

The forum identified that FinTech solutions do not necessarily present any more ML/TF risk than traditional financial service providers. It was accepted that the ML/TF risks are similar, but may present themselves in different ways.

There was an appreciation that lack of knowledge or understanding of FinTech solutions is contributing to a higher risk perception, with a general acceptance that even the ML/FT risk of Bitcoin, which has been around for a number of years, aren’t fully understood or able to be articulated.

On the flip side, the Forum was also provided with a number of examples of how FinTech and RegTech solutions are providing new and innovative way of detecting ML/TF, strengthening AML/CFT environments, and supporting supervisory efforts.

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ASIC boosts support for regtech, Financial Standard – 31/05/17

ASIC is ramping its support for regulatory technology businesses or ‘regtechs’ in response to an overwhelming number of organisations expressing frustration over complex compliance burdens.

The corporate watchdog recently announced the next phase of supporting regtech’s technological capabilities in helping clients meet regulatory obligations, by way of conducting technology trials such as cognitive and social media monitoring, and assessing machine learning applications.

Anthony Quinn, co-founder of AML Accelerate – a regtech combatting anti-money laundering and counter-terrorism financing – said the move by ASIC and other bodies shows regulators are a lot more open to how technology can solve problems.

Quinn told the TAS Compliance Index media roundtable that there are about 14,000 regulated entities in Australia, whose regulator AUSTRAC is under international pressure from the Financial Action Task Force (which monitors the global financial system against illegal activity). The regulator is expected to broaden their rules to meet FATF expectations, including expanding AML laws to non-financial businesses such as accountants, lawyers, real estate agents, and high value dealers.  Read full article…

ASIC urged to back reg tech to the world – 26/05/17

The corporate regulator has been urged to take a real leadership position in the emerging “regtech” sector by using new agreements struck with foreign counterparts to advocate for the quality of Australia’s start-ups.

The calls came after the Australian Securities and Investments Commission said it will establish a “liaison group” to help it boost its knowledge of how regulatory technology will reshape compliance in financial services.

By deploying technologies such as artificial intelligence, regtech seeks to materially reduce the amount spent by business in Australia on compliance, which Deloitte estimates runs to $250 billion each year. Read full article…

RegTech gets a voice, Finsia – 04/04/17

The Regtech Association, launched late last week, is a first of its kind. It’s a product of the latent demand in the finance industry for specialist technology in this area, says Eric Frost, CEO of Simple KYC, one of the association’s founding members.

“Regtech is quickly emerging due to the demand for such technology,” Frost says, during a presentation at FINSIA’s recent Institutional Markets Industry Council, following the formalisation of the Regtech Association.

In addition to Simple KYC, the association’s other founding members include regtech startups Arctic Intelligence, AML Accelerate, Complii, Cynopsis Solutions, Dynamic GRC, Dysrupt Labs, GRC Solutions, identitii, Meetig8, Red Marker, and Verifier.

The association was launched at an event hosted by law firm Allens Linklaters in Sydney at the end of March. Read full article…

Banks point finger at accountants on money laundering fight, Australian Financial Review – 04/04/17

Accountants are fighting to cut the estimated $900 million it will cost to comply with tough new rules against money laundering but they are getting little sympathy from the big banks.  The accountants want the government to cut them some slack as Australia belatedly moves to extent to other professional groups the obligations to report suspicious transactions and clients that banks are already facing. Read full article…

Start-ups form regtech industry association, Australian Financial Review – 02/04/17

A new industry group to represent the emerging regulatory technology, or regtech, industry has been formed in order to encourage collaboration between start-ups and regulated companies as the rise of artificial intelligence technology points to a new age of proactive compliance monitoring.

A dozen Australian start-ups have come together to form the RegTech Association, which was launched last Thursday at an event at Allens Linklaters, a sponsor of the group, attended by more than 100 people.

The foundation members of the RegTech Association are: Red Marker, GRC Solutions,  Arctic Intelligence, Verifier, Dynamic GRC, Dysrupt Labs, Meetig8, Simple KYC, Cynopsis Solutions, AML Accelerate, Complii and identitii. Read full article…

RegTech Association launches to tackle growing industry, Australasian Lawyer – 30/03/17

In an event in Sydney today, the RegTech Association officially launches with 13 founding members that hope to advance the regulatory technology industry in Australia and in the Asia Pacific.

Hosted by global firm Allens, the event will include an exclusive speaker panel that will discuss the state of play and future opportunities for growing the RegTech ecosystem in the region. The aim of the association is to promote good corporate practice in compliance management

Matt Symons, Red Marker CEO and RegTech Association director, will open the event, which will be moderated by Danny Gilligan, Reinventure Group’s MD. The event will be attended by more than 100 key stakeholders from major banks, start-ups, and governing bodies, who will also hear from Lisa Schutz, Verifier CEO; Karen Malzard, ANZ Wealth head of risk; and Anthony Quinn, Arctic Intelligence and AML Accelerate CEO. Read full article…

RegTech Association launches with spotlight on growing eco-system, www.regtech.org.au – 29/03/17

The RegTech Association will officially launch tomorrow with a high-profile event in Sydney, where the first-of-its-kind group will be hosting an exclusive speaker panel, including some of the industry’s key influencers, movers and shakers; who will discuss the state of play and future opportunities for growing the RegTech eco-system in Australia and beyond. With an opening by Matt Symons, Red Marker CEO and RegTech Association Director, and moderated by Reinventure Group’s MD, Danny Gilligan, the audience of over 100 key stakeholders from major banks, start-ups and governing bodies will also hear from Lisa Schutz, CEO, Verifier; Karen Malzard, Head of Risk, ANZ Wealth and Anthony Quinn, CEO of Arctic Intelligence and co-founder of AML Accelerate.

A new industry group to represent the emerging regulatory technology, or regtech, industry has been formed in order to encourage collaboration between start-ups and regulated companies as the rise of artificial intelligence technology points to a new age of proactive compliance monitoring. Read full article…