Fraud prevention and detection

Financial crime remains one of the greatest threats for businesses, financial and public institutions worldwide. It drains earnings and may expose both the entity and its senior management to criminal and civil liability. And worst of all, it can significantly damage companies’ most valuable assets – their reputation and their brand value.

Our Global Economic Crime Survey 2020 revealed that 47% of more than 5,000 respondents worldwide experienced fraud in the past 24 months. This is the second highest reported level in the past 20 years. The top 4 types of fraud are customer fraud, cybercrime, asset misappropriation, and bribery and corruption – the latter being the type of fraud businesses are the most often accused of in court.

Luxembourg is not immune to the risks of fraud. Its banking sector can be used to transfer illegal money; the interconnectedness between people can lead to an abuse of power; public money can be diverted to the pockets of fraudsters. Efficient prevention and timely detection of fraud are therefore critical to safely manage your fraud risks. Training your employees is key to raise awareness for these topics and sensitise them to risks.

Through this module, PwC's Academy addresses in a comprehensive and practical way the questions participants are confronted with in their a day-to-day tasks.

This module is part of our Anti-financial curriculum.

Duration: 1h

Language: Available in English

Number of participants: up to 15 

Available as intra-company course (i.e. dedicated session on demand)

CONTACT US

Objectives

By the end of this training, participants will be able to:

  • assess the various threats to entities and individuals;
  • explain the main risks involved in their tasks;
  • spot and properly react to red flags;
  • understand the importance of internal controls.

Content

  • Overview of different types of fraud
  • Financial and non-financial impact of frauds
  • Profile of a fraudster
  • Regulatory framework and requirements
  • Real life examples
  • Red flags
  • Implementation of business practices
  • Case studies and discussion

Target audience

  • For the financial sector:
    • Members of the board and the executive board of a bank, a Professional of the Financial Sector, an insurance company or a management company of a Luxembourg UCI
    • Internal auditors, compliance officers or risk managers
    • Distributors or transfer agents of a Luxembourg UCI
    • Domiciliary agents
    • Persons in charge, or front office team members of a professional of the financial sector
    • New joiners of financial institutions
  • For the private and public sectors:
    • Members of the board or management
    • Internal auditors, compliance officers or risks managers
    • Members of procurement and accounting departments
    • Staff dealing directly with suppliers, providers and clients
    • Senior members of staff and supervisors
    • New joiners
  • Persons interested in developing specific knowledge.

Our lead experts

This training is coordinated by Michael Weis, Partner at PwC Luxembourg. The training will be given by directors and managers who benefit from a strong professional experience in this area.

Michael is lead-partner for the Forensic Services practice and of the AML taskforce.

Michael is regularly acting as engagement leader for a large variety of forensic investigations including AML investigations, remediation and prevention projects in asset management and banking.

In this context he is also responsible for high-profile AML audit missions as part of the legal audit requirements for Luxembourg banks and investment funds.

As key contact of the AML distribution due diligence service for the asset management industry, Michael is regularly involved in country risk assessments and the review of laws and regulations of country AML frameworks.

Michael is coordinating projects with the global PwC forensic network and regularly involved in large scale international projects of PwC for investigations and FTS related work. Michael is part of the Global Forensic Network WG on L&D. as CFE (Certified Fraud Examiner).

Michael is recognised in Luxembourg and abroad as a subject matter expert on AML and forensic matters as a key member of the local industry working groups on fraud at the Institute of Internal Auditors (IIA) and the Institut Luxembourgeois des Administrateurs (ILA) for directors. Michael regularly facilitates workshops and trainings on AML and fraud, both in Luxembourg and internationally, in the asset management and banking sector. Michael is also an active member of the Local Compliance Officer Association (ALCO).


Within PwC, Michael takes a key role in the AML taskforce and on internal controls work for the prevention of financial crime. He is coordinating the PwC’s Academy's “Fight against financial crime” leading training programmes that regularly involve international subject matter experts (e.g. transparency international, UN Security Council, FATF, SCPC, FSA, CSSF etc.).

Through his professional qualifications he specialises in compliance related topics such as internal controls frameworks, fraud prevention/investigation and AML.

Follow us