Financial institutions operate in a complex regulatory environment characterised by constantly evolving and increasingly strict rules.
Compliance and AML present significant challenges that require banks to keep up with current regulations and uphold effective frameworks to manage and mitigate risks, all while controlling compliance costs.
Despite significant investments made by banks in the past years in compliance and AML, there is increasing pressure from the ECB and National Competent Authorities on banks to enhance their compliance and AML strategies for more effective risk management.
Staying ahead of constantly shifting regulatory requirements and expectations demands ongoing vigilance, flexibility, and proactive behaviour to maintain compliance.
Additionally, navigating emerging risks, particularly those tied to advancing technologies, presents a formidable challenge. Despite their potential benefits, these technologies also introduce complexities and heightened risks that organizations must continually address.
Severe regulatory scrutiny and the risk of facing substantial fines for regulatory breaches. Beyond the financial repercussions like fines and remediation costs, compliance failures can also cause long-term reputational damage.
Innovating operational strategies to enhance effectiveness and customer satisfaction, while simultaneously reducing and optimising compliance and AML-related expenses.
Poor data quality and availability can present significant challenges, negatively affecting the effectiveness banks’ compliance and AML framework. This issue hampers a banks’ abilities to measure, manage, and report on non-compliance risks.
Outdated legacy systems are compromising operational efficiency, necessitating significant investment in modern technologies to enhance compliance and AML efforts.
Recruiting and retaining skilled compliance personnel can be challenging for banks, necessitating significant time and resources to be invested in recruitment, training, and managing indirect consequences such as backlogs and overdue internal audit observations.
PwC has supported numerous banks in various Compliance & AML-related projects.
As a leading consulting firm, we can work closely with your organisation to deliver high-quality outcomes across all aspects of the Compliance & AML process. We can also advise on value-adding initiatives, identify areas requiring enhancements, and support clients on ensuring compliance with regulatory requirements.
We can assist you with the following topics:
Compliance & AML Workstream Lead, Partner, PwC France
Tel: +33 6 21 43 65 48