Technology is one of a number of components in an effective anti-money laundering & countering of financing of terrorism (AML/CFT) compliance framework. By using current technology tools, subject persons can improve their ability to mitigate financial crime risk.
PwC's KeYCompliance acts as a single data entry point for all customer information, which allows subject persons to identify the ML/FT risk exposure, minimise data quality issues and improve the overall efficiency of the due diligence process. The tool can be adapted for any type of business, allowing users to add and edit information collected for each customer. The CDD tool also integrates workflow capabilities to control and streamline the approval or rejection process for customers and/or accounts. Additionally, the tool helps standardise the application of the risk assessment methodology by parameterising the risk levels according to one's customer base, product/service offerings and geographic differentiators.