Major US Credit Card Company - Transaction Monitoring and Anti-Money Laundering Investigation

Client issue

PwC US was engaged by a major US financial services client to assist them to disposition of a backlog of AML transaction monitoring cases against a timetable required by the regulator..

PwC approach

PwC mobilised a global team of over 100 staff from the US, Belfast and India to carry out analyst and quality control roles in transaction monitoring.

This involved investigating a population of alerts within the Bank’s system which had triggered for potentially unusual activity. This involved numerous tasks such as negative news searches using LexisNexis and prior SAR searches (suspicious activity reporting) to identify trends and patterns such as loan sharking, structuring, drug trafficking and the use of unlicensed check cashing groups.

Activities which were deemed to be suspicious were then prepped for a suspicious activity report which were then filed with the regulatory body, the OCC (Office of Comptroller of the Currency).

Outcome & Benefit for Client

The project is ongoing, however the first phase has successfully been completed. The processes established in the first phase has ensured that the second phase will be completed efficiently and to a high standard.

Contact us

Stuart Croft

Stuart Croft

Director, FinCrime Operations, PwC United Kingdom

Tel: +44 (0)7713 793612

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