Anti-Money Laundering (“AML”) and Combating the Financing of Terrorism

The fight to deter money laundering and terrorist financing has been a high priority of law enforcement agencies and financial regulators around the globe. Laws and regulations become more demanding aiming to provide a stronger framework to address new threats to the international financial system.

To successfully follow a risk-based approach, institutions need to perform thorough and regular AML risk assessments and implement adequate controls to mitigate their risks. Know-Your Customer (“KYC”) specific procedures, including enhanced due diligence for high risk customers remain a critical requirement. Boards and senior management are increasingly seeking to build integrated, risk-based and efficient AML compliance control programmes. Not only are institutions concerned about avoiding enforcement actions or remedying weaknesses and failures, but many are learning that by treating these initiatives as long-term investments, they can capitalize on potential opportunities.

How PwC can help you 

 

At PwC Cyprus, we have professionals that perform money laundering vulnerability assessments, compliance programmes evaluations, and related gap analysis. We can develop a recommended approach for enhancing risk management, and implementing operational solutions so as to ensure adherence with the AML regulatory requirements. 

We also work with clients to help them gain greater confidence that their AML compliance controls are specifically designed, efficiently implemented, and sufficiently robust to effectively manage their multitude of risks and regulatory requirements.

We can help you:

Perform an AML risk assessment in line with regulatory requirements and best practices

Prepare or update your policies and procedures (e.g. AML Policy) to ensure compliance with the regulatory requirements

Improve the function and performance of your suspicious activity monitoring systems and processes

Improve the quality of AML internal audits

Design and implement effective customer due diligence processes

Perform background checks on legal or physical persons to support KYC procedures

Train senior executives and employees on topics ranging from specific aspects of compliance to regulatory expectations and industry trends

Create effective and sustainable AML compliance control programs

Contact us

George C Lambrou

Partner, Advisory, In charge of Investment Firms, PwC Cyprus

Tel: +357-22555728

Demetra Ellina

Director - Advisory, PwC Cyprus

Tel: +357-22555732

Nicholas Roussos

Senior Manager, Advisory, PwC Cyprus

Tel: +357-22555055

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