Money laundering and terrorist financing are one of the most important risks for financial institutions, especially to their reputation. To assess AML threats and vulnerabilities is a regulatory requirement but it is also key to mitigating those risks, because the more the risk known the more effective your controls will be. Hungarian AML legislation also requires service providers to have a frequent external audits of their processes and regulations.

We can help you in both the design and execution of ML&TF risk assessment by leveraging our extensive knowledge of the industry and the financial crime landscape. Our structured methodology can be tailored and scaled to your needs.

Complementary services offered by the team include the following:

• Regulatory gap assessment
• Risk assessment
• On-call advisory
• Training activities
• Assurance report

KYC lifecycle, including customer onboarding, customer due diligence, enhanced due diligence and on-going reviews are critical components of mitigating money laundering risk, but finding the perfect balance between a compelling customer experience and regulatory compliance is challenging for all market players.

We can help you develop effective processes to cover the entire KYC lifecycle and minimize the impact on the customer. We can also provide support in the operation, including backlog reduction in transaction monitoring, KYC review, or enhanced due diligence.

Complementary services offered by the team include the following:

• On-call advisory
• Provision of experienced staff for short- and long-term secondments
• Process development

As part of client onboarding or as a stand-alone process, financial institutions must analyze their clients and identify politically exposed persons and any exposure related to sanction-imposed individuals or organizations. Although there are several sanction lists and regulatory guidelines, it is difficult to navigate between them to get accurate and up-to-date information from your clients.

We can help you in develop a screening process, review and improve the current process, find optimal data sources and reduce manual controls.

Complementary services offered by the team include the following:

• Regulatory gap assessment
• On-call advisory
• Process development
• EDD examination focusing on PEP and high risk clients

Financial institutions manage payment services with millions of transactions, and they must monitor them and identify suspicious transactions. Banks rely on transaction monitoring systems that typically involve the use of a set of rules to mark suspicious transactions as of alerts. These alerts typically need to be investigated and if deemed to be suspicious, reported to the regulators. False positive alerts therefore significantly increase investigation costs.

We can help you develop efficient processes, implement effective and appropriate rules, investigate alerts and reduce your backlog, to cover the entire KYC lifecycle and minimize the impact on the customer and also provide support in the operation, including backlog reduction.

Complementary services offered by the team include the following:

• On-call advisory
• Provision of experienced staff for short- and long-term secondments
• Process development

Efficient fight against Financial Crime is heavily dependent on appropriate Anti-Money Laundering (AML) technology. Here at Deloitte our team of experts can provide short and long term solutions to your challenges. Either using our own in-house developed Deloitte technology or one of our partners’.

Traditionally, running engagements can be disruptive, that is why we developed Flow Engine, a cloud-hosted, workflow solution that allows you to effectively respond to all AML requirements. Including but not limited to Know Your Client (KYC) on-boarding, KYC ongoing due diligence and KYC remediation. It creates an end-to-end view of case management processes, using automation to input data and streamline screening an on-going monitoring, which reduces time and resource intensive manual effort and improves margin across your organization. The product helps you deliver a positive experience for your customers, whilst meeting regulatory requirements in a robust and cost-efficient way.

Complementary services offered by the technology include the following:

• Full audit trail
• Defined quality assurance (QA) \ quality check (QC) workflow review
• Flexible configuration enabling to scale operations on demand