There has been a continual increase in scrutiny from regulators into how Obliged Entities are mitigating their AML risks. Having a strong and robust Quality Framework is essential for an Obliged Entity to show both the level of adherence to their risk policy as well as exposure to certain risk areas such as specific industries, sanctions and PEPs.
Having a robust Quality Assurance process can strengthen the operationalisation and fulfilment of the increasing AML regulations and regulatory expectations. This can therefore assist in reducing potential fines and penalties from the regulators. It can also maintain a high level of quality throughout the customer lifecycle as well as optimising time taken for conducting CDD reviews.
Cost of Financial Crime Compliance based on the LexisNexis Report
Quality Assurance Health Check Sampling Methodology Risk Categories
Governance & Roles Levels of Quality Control Roles of support
Digital Managed Services
We have delivered a wide range of AML projects within various obliged entities, advising on a variety of functions
Utilising best market practices we always look to provide practical, pragmatic approaches to all challenges
We can provide Managed Services that covers all regulatory requirements by utilising our industry knowledge, expertise and experience
We have over 70+ experts with extensive industry experience who can advice on a number of AML topics and industry practices
We have an end to end, highly automated platform dedicated for AML process management and reporting
Our solutions are tailored-made and flexible. We can deliver all, one or combination of services depending on your requirements
Project
PwC created an internal Independent Quality Assurance between PwC hubs to monitor quality on a KYC remediation project
Context
As part of the remediation project an independent iQA team was created by PwC to work alongside the Client’s own QA team to monitor quality and identify trends
PwC approach
Developed the sampling methodology and scoring matrix in alignment with the Client’s own Quality Assurance framework
Project
PwC created an internal Independent Quality Assurance between PwC hubs to monitor quality on a KYC remediation project
Context
As part of the remediation project an independent iQA team was created by PwC to work alongside the Client’s own QA team to monitor quality and identify trends
PwC approach
Developed the sampling methodology and scoring matrix in alignment with the Client’s own Quality Assurance framework
Project
First Line of Defence Support
Context
PwC SMEs were working as part of the Client’s FLOD teams (UK and Netherlands) who acted as an escalation point as well as performed file reviews in line with the Global AML Standards.
PwC approach
Direct support as part of the First Line team performing quality checks on CDD reviews done by Operations. For the Netherlands this involved the creation of a checklist and review methodology as well as the governance model.
