The risk of non-compliance with Anti-Money Laundering (“AML”) and Counter-Funding of Terrorism (“CFT”) requirements continues to increase, and as evidenced by a number of high-profile fines and investigations in recent years, businesses are increasingly under pressure to identify new ways and means to manage their ML/FT risks more effectively.
Whilst businesses are still updating their operations, systems and procedures, they also need to manage further change that is already on the horizon. Operating in such an environment presents numerous challenges and it is not uncommon that something slips through the net.
Growing pressure from regulators to comply with AML/CFT rules and intense press coverage have pushed this topic to the top of management’s agenda. The reputational threat, and the need for any business to build and retain their customers’ trust, make it crucial to set up and maintain cost-efficient AML/CFT compliance measures and solutions.
How can PwC help?
PwC’s Financial Crime Compliance Team brings together a collection of subject matter experts with a wealth of experience in AML/CFT Compliance.
We understand the pressures brought about by increased compliance costs. As such, our aim is to provide not only solutions that meet local regulatory requirements, but also that provide practical value to the business.
We can help your organisation manage current and emerging AML/CFT risks effectively in various ways, such as:
- AML/CFT Framework
- Remediation Projects
- Independent AML/CFT Tests
- AML/CFT Business Risk Assessment
- Tailored Training and Upskilling
- AML/CFT Regulatory Support and Outsourcing
AML/CFT Framework
Designing / reviewing your internal AML/CFT framework
Creation or review of your AML/CFT policies and procedures
Customer Risk Assessment (CRA)
Jurisdictional Risk Assessment (JRA)
Transaction monitoring
Remediation Projects
- Client onboarding
Customer due diligence / enhanced due diligence
Periodic review
Customer screening
Independent AML/CFT Tests
Once an AML/CFT framework has been set up and policies agreed upon, it is imperative that this is regularly tested to ensure that such policies are being effectively implemented
AML/CFT Business Risk Assessment
- Facilitation or review of data-driven Business Risk Assessment (BRA)
Compilation or review of the Risk Evaluation Questionnaire (REQ)
Tailored Training and Upskilling
Tailored AML/CFT training differentiating between staff, MLRO and Directors
AML/CFT Regulatory Support and Outsourcing
- Ad-hoc regulatory compliance support
KYC outsourcing
Ensuring real-time and post-transaction monitoring systems are working effectively remains a key challenge.
Explore moreGeo-political developments keep pushing sanctions compliance up the priority list.
Explore moreGiven their prevalence, bribery and corruption have become a key financial crime risk faced by businesses, and ensuring honest and transparent dealing has become an important priority.
In this fast-paced world, being vigilant with respect to the possibility or suspicion of fraud has also become increasingly important.
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