Investing in anti-money laundering processes

The AML and OFAC Domino Effect: Turmoil in North Africa and the Middle East
Actively managing AML monitoring data can reduce costs, save time, avoid regulatory remediation and improve assurance. Moving beyond the financial crisis, regulators are refocusing their efforts on anti-money laundering and terrorist financing enforcement, The increased regulatory scrutiny is compelling institutions to take a closer look at their AML operations.

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Using analytics to get the most from your transaction monitoring system
This document discusses how a program can help financial institutions facilitate the examination process, proactively address areas of likely regulatory focus, and contribute to cost reduction.

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From source to surveillance: the hidden risk in AML monitoring system optimization
Actively managing AML monitoring data can reduce costs, save time, avoid regulatory remediation and improve assurance. Moving beyond the financial crisis, regulators are refocusing their efforts on anti-money laundering and terrorist financing enforcement, The increased regulatory scrutiny is compelling institutions to take a closer look at their AML operations.
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Managing cross-border risk in a global economy: Understanding where you do business
Geography risk, though largely undefined for financial institutions, is a significant risk to anti-money laundering efforts. Therefore, it should be integrated into a risk-based approach for anti-money laundering compliance. Failing to manage geography risk widens the potential for money laundering and terrorist financing--as well as regulatory criticism and fines.

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Anti-money laundering utility
While the economic crisis has significantly curtailed the financial markets, money-laundering schemes have persisted. Financial institutions face a conflicting mandate: As the economy forces these companies to do more with less, they must redesign their anti-money laundering (AML) model to thwart increasingly sophisticated launderers and terrorist financiers.
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Although financial institutions have had anti-money laundering (AML) and economic crime control programs for quite some time, many still do not have sustainable, cost-effective processes. Boards and senior management are increasingly seeking to build integrated, risk-based and efficient AML compliance control programs.

Not only are institutions concerned about avoiding enforcement actions or remedying weaknesses and failures, many are learning that by treating these initiatives as long-term investments, they can capitalize on these opportunities.

How PwC can help you:

At PwC we have professionals that perform money laundering vulnerability assessments, compliance program evaluations, and gap analyses. We can develop a recommended approach for reducing risk, enhancing risk management, and implementing operational solutions.

We also work with clients to help them gain greater confidence that their AML compliance controls are specifically designed, efficiently implemented, and sufficiently robust to effectively manage their multitude of risk and regulatory requirements. Our team of professionals can help you:

Leverage technology and use the right tools for AML compliance
Create effective, efficient and sustainable AML compliance control programs
Improve the function and performance of your automated suspicious activity monitoring systems and processes
Improve the quality of AML internal audits
Design and implement effective customer due diligence processes
Train directors, senior executives and employees on topics ranging from specific aspects of compliance to regulatory expectations and industry trends
Create leading-edge customer risk models
Remediate data quality to improve AML control process effectiveness