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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 AML/CFT risks more effectively.
Whilst businesses are still updating their operations, systems and procedures, they also need to manage further change that is already lying 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 trust of their customers, make it crucial to set up and maintain cost-efficient AML/CFT compliance measures and solutions.
How can PwC help?
The PwC Financial Crime Compliance Team brings together a collection of subject matter experts with a wealth of experience in AML/CFT Compliance.
With a vast collective experience in specialised compliance related fields, qualifications and credentials and industry knowledge and experience, you can rest assured that we will provide you with the best possible service.
We understand the pressures brought about by increased compliance costs. As such, our aim is to provide not only a solution that meets local regulatory requirements, but also strive to put forward doable and practical solutions.
We can help protect your organisation from the current and emerging risks in the AML/CFT sphere in a number of ways and areas, 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 an organisation gets the peace of mind that such policies are being effectively implemented.
AML/CFT Business Risk Assessment
Facilitation or review of 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
Customer Onboarding and Monitoring
The world of AML/CFT compliance is changing rapidly and with good reason. With increased scrutiny of supervisory authorities and a notable emphasis on enforcing regulations, remaining compliant is a challenging task, and one that requires investment and continuous training.
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