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 is a resolute tool designed to help organisations and sole practitioners in adequately undertaking customer due diligence (CDD) in line with the statutory mandatory risk procedures, tracking pending procedures and facilitating the retrieval of records. With PwC's KeYCompliance, customer profiling and record keeping becomes simple. This tool builds risk assessment as a shield for the organisation's reputation on the basis of the mandatory risk procedures contemplated within The Prevention of Money Laundering and Funding of Terrorism Regulations and the FIAU's Implementing Procedures.

It is a secure solution that streamlines the collection of CDD information while ensuring proper due diligence for new and existing customers.  Since no two institutions' needs are alike, our team designed the tool to be customisable so companies and sole practitioners can tailor it to support their particular risk appetite.

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.

This streamlined, user-friendly application provides the possibility of creating multiple links with individual profiles, thereby avoiding duplication of information on directors, ultimate beneficial owners and related parties. The tool minimises repetitive requests and maintains consistency in compliance documentation by leveraging the use of existing due diligence across the business. This significantly reduces the time to on-board and transact with new and existing customers respectively.