Providing you strategic solutions against AML/CFT threats

AML/CFT Core Services

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

Ensuring real-time and post-transaction monitoring systems are working effectively remains a key challenge.

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Geo-political developments keep pushing sanctions compliance up the priority list.

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Given 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.

2 Min Read 19/11/24

Sanctions Compliance: Stay ahead of the curve

The 14th Sanctions Package, published by the EU Council on 24 June 2024, underscores the need for vigilance regarding sanctions, especially those linked to the Russian war in Ukraine. The Package introduces restrictions on Russian LNG projects, bans on importing Russian LNG and helium, and sanctions on Russian banks and crypto asset providers. It also includes measures related to aviation, maritime transportation, intellectual property rights, and funding to Russian entities. Compliance mechanisms are essential to manage legal and reputational risks.

2 Min Read 04/11/24

The Instant Payments Regulation – How prepared are you?

The Instant Payments Regulation (IPR/the Regulation) requires all payment service providers (PSPs) to send and receive euro payments within seconds, on a 24/7 basis, across the EU. The key dates include 9 January 2025 with respect to receiving instant payments, and 9 October 2025 for sending the same and implementing payee verification. The Regulation also raises AML/CFT compliance concerns due to rapid transaction processing times, necessitating daily sanctions screening and real-time transaction monitoring.

2 Min Read 08/10/24

AI and transaction monitoring: The future of financial surveillance

AI and machine learning enhance transaction monitoring by improving efficiency and detecting overlooked financial crime patterns. However, challenges include explainability, bias, and "AI hallucinations," where models produce unreliable outputs. Organisations must regularly test AI models, ensure transparency, and address biases to maintain compliance and improve the system’s effectiveness.