PwC’s Belfast-based division has announced the acquisition of a sophisticated anti-money laundering tool, KYC-Pro, aimed at bolstering regulatory compliance and enhancing operational efficiency.
KYC-Pro is a digital tool that heightens protection against money-laundering activities while easing regulatory pressures on financial institutions. By automating various compliance processes, KYC-Pro not only ensures higher compliance rates but also significantly reduces operational costs. This innovative solution enables teams to redirect their efforts towards more productive tasks, thereby enhancing overall productivity.
The regulatory landscape is becoming increasingly stringent, with estimates suggesting that by 2020, European banks could spend up to €1 billion on KYC management. The acquisition of KYC-Pro aligns with PwC’s commitment to investing in advanced technologies that support business growth and regulatory conformity. According to PwC partner Ian McConnell, ‘AI and automation can deliver significant benefits for organisations and people. By incorporating KYC-Pro into our existing regulatory compliance offering, it complements the significant presence we already have in the financial crime operations space.’
PwC Operate was established to meet the rising demand from multinational corporations facing political, economic, and regulatory challenges. The division has experienced substantial growth, nearly doubling its workforce from 540 to 1,000 employees within a year. With a diverse skill set, PwC Operate has revolutionised how the company supports clients, especially in regulated industries.
Philip Creed, Director of FSCom, the original developer of KYC-Pro, expressed confidence in the tool’s future. He stated, ‘Through PwC, KYC-Pro has the potential to become a global brand, offering compliance officers peace of mind in terms of its accuracy and regulatory compliance.’ This acquisition enhances PwC’s technology portfolio, which already includes solutions based on Artificial Intelligence, robotics, and other advanced automation forms.
In its Annual Report 2018, PwC highlighted PwC Operate as a prominent provider of specialist technology and regulatory solutions to global clients. Notably, the Belfast office was recognised as the second-largest and fastest-growing office in the UK outside London.
The acquisition of KYC-Pro signifies PwC’s dedication to leveraging cutting-edge technologies to improve regulatory compliance and operational efficiencies. This forward-thinking approach underscores the firm’s commitment to supporting its clients in navigating the complex regulatory landscape.