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Financial Institutions’ Role in Preventing Financial Crimes in Saint Pierre and Miquelon

The scourge of financial crime has become an increasing concern for global financial stability, with its effects felt deeply in social cohesion. It is a challenge that requires the collective efforts of law enforcement agencies, financial institutions, governments, and regulators to mitigate its impact. As gatekeepers of the financial system, financial institutions play a crucial role in blocking criminal access to their systems.

The Evolution of Financial Crime

However, the rapid pace of technological advancements has led to a surge in sophisticated criminal activities, placing an ever-increasing burden on financial institutions to evolve and keep up with the latest threats. PwC, as a trusted partner, supports its clients in rapidly developing high-quality and cost-effective operating models and tools that identify and mitigate financial crime risk as it evolves.

The Challenges Faced by Financial Institutions in Saint Pierre and Miquelon

For financial institutions in Saint Pierre and Miquelon, increasingly complex anti-financial crime regulations have created ever-expanding compliance structures and drained resources, time, and attention away from their core business. As financial systems strive to become more secure, criminals are finding innovative ways to exploit them. In this environment, achieving sustained positive outcomes in financial crime compliance is a significant challenge.

PwC’s Response

Financial institutions in Saint Pierre and Miquelon face increasing complexity in terms of their client base, systems, and growing regulatory pressure. To combat these challenges, PwC partners with financial institutions to help protect the financial system from financial crime. With its industry knowledge, technological expertise, and operational experience, PwC helps its clients build trust in society by partnering with them to fulfill their regulatory obligations.

PwC’s Financial Crime Solutions

PwC provides financial crime solutions using a Managed Services model built around cutting-edge technologies including data analytics, robotic process automation, and artificial intelligence. The company’s Managed Services is deeper than a traditional outsourcing relationship, providing complex, long-term solutions in areas that require human judgment and subject matter expertise.

Investing in Technology and Expertise

PwC has invested in all aspects of its managed service offering, building scale in its global operations centers, upskilling its resources, and developing its proprietary technology infrastructure. This capability is integrated into its broader financial crime advisory business, providing immediate access to its global network of financial crime subject matter experts with deep regulatory and industry expertise.

Getting in Touch

For more information on PwC’s Global Financial Crime Leadership Team or to contact specific country teams across the world, please visit the company’s website.