Arctic Intelligence, a provider of audit, risk and compliance services, has revealed that member-owned bank Unity Bank has become its latest client.
The Australian bank was initially started in 1970 as ‘Waterside Workers’ of Australia Credit Union’ until it was finally formed into a mutual financial institution. Members include those from mining and power industries, their families and those within the local communities.
Unity Bank went to Arctic Intelligence in order to keep up with existing and new anti-money laundering requirements.
Through the deployment of Arctic’s AML Accelerate solution, the bank is able to better understand their money laundering and terrorism financing risks. It can document its risk profile, as well as create an AML program manual through the risk assessment solution.
The bank has used the in-built questions of the AML solution in order to input information needed to complete their risk assessment. This solution is now used across the bank for risk assessments, including those for new product channels and mergers.
All information entered on the Arctic Intelligence solution is securely stored and easy to accesses. By being a customer of Arctic, Unity Bank will also receive regular updates on regulatory changes which impact them or their clients.
In a blog post Arctic Intelligence said, “Using AMLA, Unity Bank has completed deeper risk assessments and can also automatically generate reports to present to Board. They will be able to demonstrate to AUSTRAC that they had taken ‘reasonable steps’ to meet their obligations.”
The RegTech company 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.
Late last year, Arctic Intelligence extended its partnership with Deloitte to help build stronger financial crime risk and exposure management services.
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