Global Payment Processing Company - PEP and Sanctions Screening

Client issue

A global payment processing company was in the process of acquiring its European division into their overall corporate structure. As a result of this acquisition and to meet regulatory requirements the global corporation requested assistance from PwC to conduct sanctionsscreening on over 78,000 newly acquired records against European Union, United Nations, HM Treasury and OFAC sanctions lists.

PwC approach

Our team of AML SMEs in Financial Crime supported the payment processing company directly on client site and from PwC offices in Belfast, who for the purpose of this remediation devised a methodology document (in consultation with the client) around discounting to which the analysts used when reviewing hits achieved from screening. This methodology document and the quality of approach defined around our Sanction screening process was devised to help ensure that the global processing company remained compliant with regulatory requirements, meeting industry best practice.

We conducted sanction screening on 78,000 records in order to: identify any ‘true hits’ (where records matched on any of the specified sanctions lists and were unable to be discounted; identify any ‘false positives’ where PwC was unable to find sufficient additional information in order to discount a potential hit; and, discounted as per the discounting methodology.

Following this, our Financial Crime SMEs spent over 12 months embedding our new approach to screening, procedures and controls in specific areas including:

  • Data cleansing
  • Screening
  • Quality Controls Checks
  • Reporting

Our analysts worked in a cell based structure from our Service Delivery Centre in Belfast, ensuring quality, consistency and scalability. These cells were overseen by a project manager who had oversight of the work being conducted and provided detailed and up to date management information to the client on a daily/weekly basis.

Outcome & Benefit for Client

Our Financial Crime SMEs were able to provide the client with the expert support they required to ensure they were compliant with regulatory requirements in and successfully enabled the global payment processing company in its wider corporate acquisition.

As a result of our work and operational delivery, the client adopted a new screening framework and approach, driving compliant efficiency, quality and cost reductions across their wider business.

Contact us

Stuart Croft

Stuart Croft

Director, FinCrime Operations, PwC United Kingdom

Tel: +44 (0)7713 793612

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