How can PwC support you in combating financial crime?
Timely prevention, detection and remediation from adverse consequences of financial crimes is one of the key challenges for banking and non-banking financial organizations today. Financial crimes can lead not only to financial losses, but also to reputational harm and to drailing of brand value and corporate culture. Moreover it may become the basis for imposing sanctions on the organization and its officials by regulatory authorities.
We help organizations develop and implement sustainable innovative solutions to withstand financial crimes. The range of our services includes:
Anti-Financial Crime Advisory:
Diagnostics of the AML/CFT function and practices;
Development of the target operating model (TOM) of the AML/CFT function;
AML risk assessment;
Assessment and optimization of the customer risk rating model (CRR).
Financial Crime Technology:
- Assessment and optimization of sanctions screening;
Assessment and optimization of transaction monitoring (TM);
Development of effective KPIs and the overall management information system on AML/CFT matters (MIS);
Support with selection of specialised Financial Crime IT systems and support with their implementation.
Anti-Financial Crime Advisory
We provide organizations with expert support to help them with ensuring regulatory compliance in the AML/CFT field. The designated products and solutions developed by us are aimed at minimizing the risks of financial fraud, aiming at ensuring compliance of the AML system with regulatory requirements and protecting the reputation of the organization. Our team of specialists offers practical and approbated value propositions that meet the individual requirements and needs of our clients.
Identify strengths and potential areas for improvement in your current AML/CFT Programme
We help with conducting a comprehensive review of the organization's internal AML/CFT and sanctions environment in order to identify any areas that might require improvement taking into consideration our extensive experience and recognised international practices. We use documents review, interviewing, shadowing and other techniques to deliver a truly value during the project. As a result, you receive a dedicated report with detailed description of the identified inefficiencies and practical recommendations on how to achieve even better results in terms of AML/CFT operational efficiency packed in an actionable plan that you might consider during your decision-making and action processes.
Get an operating model that meets your financial institution’s goals and regulatory requirements
We provide end-to-end support with development of a target operating model (TOM) for the AML/CFT function, ensuring its alignment with your organization's operational structure, strategy and related expectations, taking into account better international practices and regulatory requirements. The process of developing an operating model includes defining clear roles and responsibilities, implementing established processes, and related technologies. Our approach ensures seamless integration, minimizing potential disruptions in the process of transitioning the organization from the current model to the target one.
Determine inherent and residual risks of your organization's AML/CFT and define your risk appetite
We offer support with development of an AML/CFT Risk Assessment methodology covering the process of assessment of the risks inherent to your organization using quantified and qualified criteria, defining the control measures that are in place and calculating the residual risks. On the need basis, our team of professional consultants also provide support with further implementation of the developed methodology and conducting the AML/CFT risk assessment and definition of your organisation’s risk appetite.
Enhance your current CRR model according to regulatory requirements and better international practises
Our data analytics and mathematical modelling specialists perform assessment and optimisation of the existing CRR framework starting from the data quality, risk coverage and compliance and pass through the logic optimisation to automate as much of the CRR scoring as possible. Exploratory analysis of historical performance of the CRR model is applied by us to provide insights into the configuration of the system, optimizing risk weightings for each indicator as well as identifying irrelevant indicators for removal/reconfiguration. In the end of the day we perform simulation of the CRR model changes to be sure that the proposed changes fit the organisation’s Risk Assessment and actual customer behaviour.
Financial Crime Technology
Reliable and up-to-date technology is one of the main allies in the fight against financial crimes. With their use, organization can automate processes, reduce impact of the human factor, increase work efficiency and ensure regulatory compliance. We provide comprehensive support to organizations from assessment and optimisation of your current AML/CFT systems to vendor selection who provide their end-to-end innovative solutions, designed to detect and prevent financial crimes.
Testing your screening system to assess the effectiveness and efficiency of the existing sanctions filter
Testing of a sanctions’ screening system is a complex process that requires a data selection, preparation and formatting, test execution, results matching and test results further evaluation. Through the use of our PwC-developed tool, we are able to bring value by identifying many different problems that occurred in the tested sanctions' screening system and optimise the existing filter through the effectiveness and efficiency perspective.
Discover more on our sanctions’ testing approach
Assessing your transactions monitoring scenarios according to regulatory requirements and better international practices
Timely detection of suspicious activities through effective Transaction Monitoring scenarios is one of the key controls in withstanding money laundering and terrorism financing risks. We support our Clients with regular TM systems reviews, efficiency analysis and optimization, providing suggestions to increase risk coverage and recommendations for scenarios tuning.
Get an independent view on the monitoring and reporting process
Development of a comprehensive MIS provides required insights into financial crime risks, case investigations, and team operations, complete with key performance indicators (KPIs). Our approach is streamlined through our extensive experience and a proprietary library of dashboards, ensuring efficient development. We begin by gathering business requirements and defining methodologies and KPIs, followed by a detailed analysis and design phase that specifies each functional requirement and data point.
Apply advanced technologies to strengthen your organization's AML/CFT systems
The selection of any anti-financial crime system follows the internal assessment (i.e. risks and strategic planning, business expansion and regulatory considerations). Based on the risks identified, the target solution is defined together with the detailed business and functional requirements. The risks and the requirement encapsulate a scoring methodology for the selection. Our team has deep understanding of the best-in-class Financial Crime systems and solutions as the knowledge about the vendors landscape, the management and technical evaluation of their responses is critical to a successful selection of the system for your organisation.
Contact us
Andriy Tretyak
CFE, CISA, Forensic and Financial Crime Leader, PwC in Ukraine
Tel: +380 44 354 04 04
Oleksii Vengerskyi
Senior Manager, Forensic Services, PwC Czech Republic
Tel: +420 739 344 766
Anatolii Savchenko
CIA, Senior Manager, Forensic Services, PwC in Ukraine
Tel: +380 44 354 04 04
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