African Bank partners with Arctic Intelligence to digitalise AML solution

Source: IBS Intelligence 2020-06-04

Sydney based Arctic Intelligence, a market-leading Regulatory Technology (RegTech) business has announced that African Bank Limited (ABL) has selected its AML solution, AML Accelerate to combat financial crime.

The evolution of the financial crime landscape, particularly during the COVID-19 pandemic, has proven the agility of criminals and businesses need to adopt the same measures. Staying ahead of the curve is precisely the type of risk mitigation strategy needed to combat crime.

ARCTIC stands for Audit, Risk, Compliance, Technology Innovation Company. The firm has designed risk assessment and audit and assurance solutions pertaining to financial crime risk and compliance matters to help regulated entities manage their compliance obligations.

African Bank joins hundreds of Arctic Intelligence’s global clients in over ten countries across 12 jurisdictions. The bank by revisiting their anti-money laundering and counter-terrorism financing (AML/CTF) practices has adopted a proactive approach ahead of South African regulators 2020 review and aligns with Financial Action Task Force’s (FATF) recommendations.

“ABL significant time researching a software or solution that will enable digital and seamless completion of Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) risk assessments. We found the use of spreadsheets and other manual methodologies as not efficient way to conduct risk assessments mainly due to a failure in keeping clear record of evidence of processes and results. Furthermore, it also not always simple to explain as to how one arrived at the final outcome of the assessments and provided for more room of individual judgement to be made by Compliance Officers,” said Lawrence Muravha, African Bank’s Group Head of Financial Crime Department.

AML Accelerate is a cloud-based counter-terrorism financing and AML risk assessment platform. It reduces the time and resources spent on AML compliance. It features: full audit trail across the entire AML risk management process, fully hosted in a secure cloud and supported by AML risk experts, action and issue tracking helps manage improvements, AML program template based on country-specific AML laws and more.

“While in the process of refreshing our annual AML risk assessments, ABL subsequently, identified Arctic Intelligence or AML Accelerate tool as the solution that meet our predefined requirements for being aligned with industry best practices, 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.” added Muravha.

Established since 1993, African Bank is dedicated to creating relevant products that help to uplift South Africans, including loans, investment and insurance products.

African Bank partners with Arctic Intelligence to digitalise AML solution

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