As technology continues to develop, the ways and means criminals operate is constantly evolving so that they benefit from their criminal activities without detection. Financial Crime is often perceived to be limited to Money Laundering and Funding of Terrorism, but in reality, the term ‘Financial Crime’ includes a wider array of other related criminal activities such as bribery and corruption, market abuse and insider trading, tax evasion and cybercrime amongst others.
The rapidly increasing focus on compliance and the associated costs that come with it are substantial, and at all levels, the penalties for failure have become ever more significant. This means that the prevention and detection of Financial Crime is evolving to be one of the most critical challenges, the impact of which extends well beyond monetary losses. Reputation and brand, employee morale, business relations, as well as regulatory censure are but a few of other areas impacted by Financial Crime threats.
PwC has a diverse and dedicated team of compliance and anti-financial crime professionals, policy and regulation advisors, lawyers and industry practitioners, working to assist you in the following areas:
The regulatory landscape, particularly with regards to AML/CFT, is evolving at a very rapid pace.
Sanctions place restrictive measures affecting the countries concerned and often target specific individuals (designated persons), companies and organisations which are identified as being involved with activities triggering such sanctions.
In today’s world the importance of honest and transparent dealing has been on the forefront of companies’ agenda. Companies need to take steps to review their current procedures aimed at preventing bribery and corruption by identifying any gaps and limiting their exposure to such activities.
The fight against tax shortfalls and tax evasion is a priority as the world is now dealing with a new era of tax transparency.
Market integrity must be preserved in order to avoid potential regulatory arbitrage, to ensure accountability in the event of attempted manipulation, and to provide more legal certainty and less regulatory complexity for market participants.
We are closely integrated within PwC’s global network of financial crime specialists, with over 295,000 professionals across 156 countries. We’re organised to reflect the multidisciplinary financial crime task forces established by major financial institutions and government agencies. This gives us unique insight, allowing us to offer the best solutions to even the most difficult and challenging circumstances.
Just in case you missed attending our events, this is what the Financial Crime and Regulatory Compliance Teams have been up to lately in the training space. Check out our upcoming events here.
If none of the upcoming sessions meet your training needs, contact us to discuss more tailored options.
On 19 October 2022 PwC held an FCC Conference with the theme ‘Navigating the pillars of financial crime in an evolving landscape’ with an amazing turnout by professionals across various sectors.
The conference exhibited interactive presentations and panel discussions from distinguished panelists and speakers mainly from regulatory bodies and supervisory authorities such as Dr. Helga Buttigieg Debono (NCC), Kenneth Farrugia (Director, FIAU), Rudolf Muscat (FIAU), Geraldine Spiteri Lucas (MBR), Dr. Joe Giglio (Lawyer), Mr. Yehuda Shaffer (Independent Consultant), Matthew Scicluna (MFSA), Herman Ciappara (MFSA), Luciano Brincat (MFSA) , Marcel Cassar (Malta Bankers’ Association) and Vince Vella (Computime Ltd). They were also joined by subject matter experts and partners from PwC Malta, PwC Italy and PwC UK.
Dr. Neville Gatt opened the conference which was then followed by a keynote speech by our very own Deborah Gatt and Andrea Amatuzio, the Anti-Financial Crime Leader from PwC Italy. The conference provided a platform to enlighten attendees on what Malta has been up to in risk management post greylisting including an update the National Risk Assessment, crypto assets and the regulatory landscape,sanctions compliance, anti-bribery and corruption, administrative penalties imposed by FIAU and transaction monitoring.
Breakout sessions were also conducted on cybercrime, tax investigations, and Environmental, Social and Corporate Governance (ESG).
The event provided a unique opportunity to the attendees to network with peers, experts and representatives of regulatory and supervisory bodies.
The Financial Crime Compliance Team hosted a webinar to discuss the much anticipated EBA Guidelines pertaining to “Policies and procedures in relation to compliance management and the role and responsibilities of the AML/CFT Compliance Officer under Article 8 and Chapter VI of Directive (EU) 2015/849” (The Guidelines).
The Guidelines, for the first time, aim to tackle at EU level the entire AML/CFT governance set-up of credit and financial institutions and will come in force on 1 December 2022.
The speakers discussed how the Guidelines came about and further delved into the expected roles and responsibilities of the directors, the board in general and MLROs. Our experts shared practical day-to-day hurdles that financial institutions encounter and suggested best practices to overcome these difficulties that could be adopted, thus showing how compliance can be achieved whilst giving due consideration to proportionality.
The Regulatory and Financial Crime Compliance Team participated as key panelist on Achieving Boardroom Excellence Programme Session 4 specifically designed for professionals with different backgrounds and across varied industries who either form part of the board of directors, report to the board, advise the board or are upcoming board members.
Our very own Mirko Rapa, Francesca Fenech and Deborah Gatt delved into how Malta can sustain its momentum post greylisting, as well as shared practical insights on sanctions as one of the financial crime threats. The session was followed with a discussion on ESG with primary focus on Net Zero Commitment and Anti-bribery and Corruption by Chris Mifsud Bonnici. The session ended with a panel discussion from PwC UK Partner, Polly Miles, where she shared insights on the current AB&C landscape in the UK as well as the key considerations in building an effective AB&C Compliance Program.
8 June 2022
The Regulatory and Financial Crime Compliance Team hosted a regulatory series on ‘Today’s Sanctions Landscape’ and ‘Challenges to the Compliance Function in the Current Landscape’ attended by various Regulatory and Compliance Officers across different companies.
The first session started a discussion on specific considerations in relation to designing an effective sanctions framework which is manageable and sustainable. This was followed by a panel discussion on the ‘Sanctions Regime – where are we going?’. It was then followed by a second session on transforming the compliance function in the most cost effective manner, while increasing resilience and trust. The session was then closed with a panel discussion on ‘Challenges to the Compliance Function in the Current Landscape.
04 May 2022
The Financial Crime and Regulatory Compliance Team hosted a hybrid session on the Role of Compliance Officer: CSP Compliance Training 2022 attended by various CSP Compliance Officers.
The session started a discussion on specific considerations one needs to take into account to set up, and maintain, a manageable and sustainable compliance function by our own Deborah Gatt. This was followed by a panel session on the regulator’s expectations and key industry challenges with Dr. Petra Camilleri from MFSA, Mr. Etienne Borg Cardona of the Capital Advisory, and our very own Francesca Fenech.