Anti-Financial Crime – Managed Services

Your expert for questions

Lars-Heiko Kruse
Partner, Forensic Services, Anti-Financial Crime Leader at PwC Germany
Tel: +49 160 96941067
Email

A Managed Services model provided by a trusted partner

Regulations relating to money laundering, terrorist financing, the fight against fraud and compliance with financial sanctions are constantly evolving and becoming more complex. That evolution is unquestionably vital in order to be able to combat financial crime effectively. After all, the estimated annual global damage caused by white-collar crime is around $6 trillion. Moreover, in 2020 alone, companies were fined more than $10 billion for money laundering offences.

For financial institutions and all sectors subject to the German Anti-Money Laundering Act (Geldwäschegesetz, or GwG), anti-financial crime (AFC) regulations are a major regulatory and financial challenge. On the one hand, the cost of being fully compliant is rising and, on the other, penalties resulting from breaches have a negative impact on annual budgets. What’s more, such breaches are almost inevitable with criminals continually developing increasingly sophisticated ways of circumventing the prevention measures and controls that companies implement.

Institutions can only effectively address this by

• increasing their productivity in the AFC area,
• reducing their operating costs and
• concentrating on their core business.
  

This requires new strategies and adaptable operating models in many cases. In other words:

Effectively combating financial crime needs a trusted partner

We have already helped institutions in over 30 countries around the world to address their regulatory needs. We are ready to improve, automate and jointly execute a wide range of your anti-financial crime processes by leveraging our industry knowledge, technology expertise and operational experience. That lets you concentrate on building a business that is futureproof.

The effective approach behind our AFC Managed Services is based on our experience designing and running large regulatory compliance programmes.

Added value for you

Our Anti-Financial Crime Managed Services solutions provide you with immediate access to our global network of financial crime professionals with deep regulatory and industry knowledge. This includes topics such as Know Your Customer (KYC), transaction monitoring and screening (both hit handling and investigations) to ensure the highest standards of anti-money laundering, anti-fraud and sanctions compliance. With the additional support of a QA team on-site, we implement complex regulations for you in a cost-efficient and automated manner. Meanwhile, you can concentrate on your core business.

Vanilla KYC – our cost-efficient KYC Managed Services concept

As a leader in AFC advisory and operational process delivery, we continuously bring cost-efficient expert support to our clients. We have established the Vanilla KYC Managed Services concept to assist a broad range of institutions in the AFC field.

Delivering compliant onboarding through our Vanilla KYC approach

Our Vanilla KYC Managed Services package focuses on the delivery of KYC profiles in line with German regulatory requirements, such as the GwG and BaFin regulations. It ensures a legally compliant, digital and audit-proof solution for organisations in Germany. Vanilla KYC offering focuses on client onboarding. This initial KYC process is digital, automated and cost- and resource-efficient. Following the completion of individual KYC reviews, a report containing the results will be generated. This report can then be used by our clients immediately to further fulfil their regulatory obligations.

Our KYC Vanilla Managed Services are provided through eight Shared Delivery Centres and bring to bear the expertise of more than 1.300 experienced subject matter experts (SMEs). Our offering is strengthened by comprehensive management reporting and a commitment to continuous improvement and high-quality output. Customised features can be added to enhance KYC profile data and facilitate client outreach and further process (e.g. Internal Control Systems or Transaction Monitoring) can be outsourced, if needed. Our KYC Vanilla process is lean, incorporates built-in quality control features and enables light and competitive pricing without compromising on quality.

Leverage the benefits of Vanilla KYC for your organisation

• Process aligned with regulatory requirements
• Resource efficient & focus on core business
• Scalability & flexibility
• Fast & uncomplicated processes
• Light and transparent pricing without compromising on quality
• Modern & AI-powered KYC technology included
• Embedded AML expert support

Our Vanilla KYC: one standardised package to suit your organisational requirements

We offer a Vanilla KYC package which is aligned with German regulatory requirements to ensure compliance for organisations operating in Germany. This Managed Services package covers essential KYC data points, helping businesses maintain adherence to local regulations and legal requirements. If you are looking for an enhanced AML concept, we can also offer an individual solution which is tailored to your organisation's needs.

Technologies we use

Our AFC Managed Services are supported by state-of-the-art technology solutions integrated into a highly automated, end-to-end platform. This packages our practical operational and regulatory experience, allowing you to streamline your processes through the integration of multiple applications.

Our AFC Managed Services modular technology platform combines cutting-edge technologies including advanced data analytics, robotic process automation, multiple machine learning (ML) models and artificial intelligence (AI) with our highly skilled and expert staff to ensure top-tier compliance and sustainable results.

With their modular and flexible approach, our AFC Managed Services platform solutions accelerate operational processes through AI-driven tools. Automated data and document sourcing streamlines documentation review and data gathering workflows, reducing manual effort. Furthermore, our AFC Managed Services platform is engineered for efficient work management, incorporating features such as smart forms, live reporting and data analytics in daily operations. These elements serve to enhance performance, quality measurements, automations and process mining. They can be selected depending on your specific business requirements, switched on or off as needed and used as standalone solutions thanks to the platform’s flexible configuration.