Financial Crime Eye will help senior executives and their boards answer the question “Does our Transaction Monitoring program effectively identify potential money laundering and terrorist financing and reduce the risk to our organisation?”
In today’s rapidly moving world of financial crime, many organisations find it challenging to gain comfort that their Transaction Monitoring (TM) program and detection strategies are effectively designed to cover current and emerging ML/TF risks. Common challenges arise as organisations try to demonstrate a risk-based approach to regulators.
PwC has developed Financial Crime Eye, a digital solution (powered by AWS) designed to help organisations meet a key regulatory expectation to mitigate the threat of anti-money laundering and counter-terrorism financing (AML/ CTF).
Core Capabilities
Centralised library of ML/TF risks
Single library of ML/TF typologies and red flags that captures your organisation’s TM scenarios & controls, products / services, typologies and relevant risk indicators, alongside a record of the source guidance documents that have been reviewed as part of your risk assessment process.
Use of artificial intelligence (AI) and machine learning
Enhanced AI and machine learning models to process unstructured data to increase operational efficiency to reduce the time it takes to perform coverage assessments, resulting in up to 60-80%+ reduction in analyst time.
Workflow to manage the compliance process
Provides an instant view of your outstanding tasks and reports, with an in-built approval workflow management to support your compliance teams in managing the periodical risk coverage assessment process, including review steps and independent quality assurance.
Operational and executive reporting dashboards
Automated dashboard reporting provides real-time insights and a simplified view of your organisation’s ML/TF risk coverage position to further improve efficiency and outcomes.
Designed to meet your needs
Flexibility in hosting options that include both SaaS and on-prem deployments and to support organisations of all sizes and complexity, with the ability to leverage an organisation’s existing typology library.
Key Benefits
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