PwC acquires anti-money laundering tool
PwC's Belfast-based change management division, PwC Operate, has acquired KYC-Pro, a digital tool which protects against money-laundering and reduces regulatory burdens.
KYC/AML – or Know Your Client and Anti-Money-Laundering – is a regulatory requirement which protects banks, financial institutions and regulated bodies from being used, either intentionally or otherwise, by criminals for money-laundering crimes. It also helps banks better understand their clients and financial dealings.
By 2020 it's estimated up to €1 billion will be spent by European banks on their KYC management.
The KYC-Pro digital programme automates and improves efficiencies around some of the processes, improving compliance rates, reducing costs and, at the same time, freeing teams to be more productive in other areas.
PwC Operate was created to support growing demand from multi-national organisations dealing with political, economic and regulatory change.
In the year to June 2018, it has almost doubled its workforce from 540 to 1,000 and its broad skills-base has transformed how PwC supports clients, particularly in regulated industries.
"We are always on the lookout to invest in cutting-edge technologies which help our clients to grow their businesses," said PwC partner Ian McConnell.
"AI and automation can deliver significant benefits for organisations and people and, by incorporating KYC-Pro to our existing regulatory compliance offering, it complements the significant presence we already have in the financial crime operations space.
"Not only will this service deliver clients significant financial savings, it will also free people to become more productive. This is part of our responsible technology policy which focuses on maximising positive impacts whilst minimising any negative ones."
KYC-Pro was developed by FSCom. Director Philip Creed said: "The rapid expansion of the FinTech industry and continued changes in regulation require that we focus our efforts on our core consulting business.
"Through PwC, KYC-Pro has the potential to become a global brand which offers compliance officers peace of mind, both in terms of its accuracy and regulatory compliance."
KYC-Pro supplements PwC's expanding technology portfolio, which supports clients with solutions based on Artificial Intelligence (AI), robotics and other forms of smart automation.
PwC Operate was highlighted in PwC's Annual Report 2018 as a leading exporter of specialist technology and regulatory solutions to the firm's global clients. PwC in Belfast was also named as the second-largest and fastest-growing UK office outside London.