Arctic Intelligence has extended it partnership with Deloitte to help build stronger financial crime risk and exposure management services.
The new deal is a three-year partnership, and is an extension on an agreement which was initially established in 2016.
Deloitte will leverage Arctic Intelligence’s risk and compliance cloud technologies to rapidly assess the sturdiness of an organisations anti-money laundering and counter-terrorism financing program or anti-bribery and corruption program.
By working together, Artic’s technology suite and Deloitte’s Forensic Digital platform will support seamless adaption of robust methodologies to identify and combat financial crime.
Arctic Intelligence founder and CEO Anthony Quinn said, “We have a strong partnership with Deloitte who were our first client back in 2016 and we are delighted to extend our agreement with them in a collective pursuit to help organisations understand their risks. Since then, we have worked closely together on a range of initiatives and are excited to expand Deloitte’s adoption of our technology platforms around the world.”
Artic Intelligence develops audit, risk and compliance services to manage key aspects of financial crime compliance programs. Its cloud-based AML Accelerate solution conducts money laundering and terrorism financing risk assessments tailored to over 30 financial and non-financial sectors.
The solution begins with the client answering some questions, and after this they are put through a step-by-step process to meet AML compliance needs. This includes compiling the risk assessment, providing a AML program manual, collecting and completing KYC requirements, deploying a simple operational guide, and then delivering ongoing notifications on any AML regulatory changes.
Deloitte’s Asia-Pacific financial crime network head Tim Phillipps said, “The stark reality of global businesses and trade means that organisations are often burdened with fast paced and increasingly cross border financial crime risks. Yet, compliance tools in response have remained largely localised, manual and cookie-cutter.
“With this suite of technologies, we can get smarter and more agile in identifying our clients risk profiles, and in so doing, prevent and detect financial crime. We continue to be impressed with the innovative RegTech solutions that Arctic has created and our partnership is a step forward in strengthening and enhancing the defences for institutions in the future.”
In a recent interview with RegTech Analyst, Arctic Intelligence founder and CEO Anthony Quinn said that financial criminals are winning and so organisations need to be more vigilant and work together to combat it.
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