Reinventing compliance: Anti-money laundering with PwC FinCrime Managed Services

In 2018, a financial services client asked us to partner with them on a short term basis to review and address any identified compliance ‘red flags.’ These include challenges and requirements such as: 

• Speedy access to highly experienced people.

• Immediate attention for ad-hoc projects, such as dealing with spikes in KYC file volume and running the clean-ups.

• New, effective coordination plans for multiple departments and stakeholders.

• Specialised expertise and regulatory support  to manage various processes.

• The integration of multiple systems, manual processes, and legacy infrastructure.

We have continued to support the client with these needs ever since. 

Our FinCrime Managed Services contract with the client evolved from its initial phase into a multi-year managed services business partnership, running end-to-end FinCrime Compliance for the client institutions. The comprehensive service encompasses AML operations, regulatory consulting and technology, covering the entire client lifecycle from onboarding to periodic reviews.

We also added value by successfully integrating a second line of defense, a robust AML compliance framework across several business lines including retail, corporate, brokerage, financial Institutions and leasing.

By working collaboratively and gaining a comprehensive understanding of our client's values and goals, PwC Managed Services has become an extension of the client's own team. Together we're established a business model that is:

• Agile and flexible—with the ability to rapidly scale and handle urgent tasks, as required.

• Trusted—has developed trusted relationships at speed.

• Powered by insights—built on extensive AML and industry knowledge.

• Technology-based—prensents strategic solutions that streamline processes and improve efficiency.