2016 saw a continued rise in regulatory pressures concerning Anti-Money Laundering (“AML”), with a number of high profile fines and investigations. The fines for non-compliance with AML, Know Your Customer (“KYC”) and sanctions requirements continue to be large, the costs of compliance continue to increase and firms are increasingly under pressure to identify ways to manage their AML risks more effectively both from a regulatory and commercial standpoint.
This year, we have transformed the previously branded ‘KYC Quick Reference Guide’ into the Financial Crime Guide Tool. The tool provides an intuitive and interactive online platform where you can easily extract AML/KYC information.
The Financial Crime Guide Tool allows you to:
This year, we have continued to increase the level of global coverage, with information on the Costa Rica, El Salvador, Guatemala, Nicaragua and Panama as new additions to the 2017 tool, taking the total territories covered to 97.
We are keen to continue expanding our reach, so please let us know if your country is not currently part of our tool and you would like to be included next year.
The Tool contains information on local KYC requirements, regulators’ views on the use of the risk based approach, dealing with Politically Exposed Persons (“PEPs”) and guidance on prohibitions relating to shell banks.
It also contains up to date information on regulatory and other cultural issues which need to be addressed when conducting business across multiple jurisdictions. Useful links to Financial Action Task Force (“FATF”) reports and country evaluations are also included, in addition to questions on suspicious activity reporting obligations, penalties for non-compliance, AML audits and data privacy. The Tool also provides an insight into the relevant AML regulations affecting each country and includes links, where relevant, detailing further information.
From time to time, you may need expert advice from Financial Crime specialists. We’ve included details of the appropriate PwC Financial Crime professionals in the countries featured. They would be happy to discuss any Financial Crime issues you might have.
The Global Financial Crime Resource Map indicates the number of Financial Crime specialists working within each territory. Our Global team now exceeds 2,500 Financial Crime practitioners.
To access an online version of the Global Financial Crime Resource Map, please click here and select "PwC's Global Financial Crime Resource Map" under "type of report".
Alternatively, you can download a PDF version of the Global Financial Crime Resource Map here.
US Cybersecurity and Privacy Leader
Tel: +1 (703) 918-3528