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 most often accused of in court.

Luxembourg is not immune to the risks of fraud. Its banking sector can be used to move illegal money, the interconnectedness between people can lead to an abuse of power or 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 for risks.

PwC's Academy offers to highlight your requirements and explain good practices regarding this topic and to address in a comprehensive and practical way the questions you and your team are confronted with day by day.

Objectives:

At the end of the course, 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

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

An attendance certificate will be sent to participants.

This training is coordinated by Roxane Haas and Michael Weis, Partners at PwC Luxembourg and will be given by Directors and Managers who benefit from a strong professional experience in this area.

Roxane Haas is a "réviseur d’entreprises agréé" and accountant in Luxembourg. Roxane is an audit partner at PwC Luxembourg. She has over 15 years of professional experience at PwC and in particular in the context of audits of banks, PSF and investment funds. She is also in charge of the Task Force AML PwC Luxembourg and is active in local working groups (Luxembourg Association of Compliance Officers, Institute of Company Auditors and Institute of Chartered Accountants). Her skills have brought her to supervise many AML / KYC missions for major banking players of Luxembourg.
Over the past 10 years, Roxane has conducted numerous AML trainings for both national and international as well as for professional organizations.

Michael Weis is a partner in the Forensic Services. Through his previous positions and projects, Michael gained extensive knowledge in the investment management and banking industries.
As a key member of the internal controls practice of PwC Michael specialises in the review of internal controls in the context of SAS 70 reviews and controls reports. He is the manager of various high-profile client assignments on internal controls reports and on Anti-Money-Laundering (AML) in the investment management industry.
Within PwC, Michael takes a key role in the AML-taskforce and on internal controls work for the prevention of financial crime. He is co-ordinating the leading training programme "Fight against Financial Crime" (PwC’s Academy) that regularly involves international subject matter experts (e.g. Transparency International, UN Security Council, FATF, SCPC, FSA, CSSF etc.).
Through his professional qualifications he specialised in Compliance related topics such as internal controls frameworks, fraud prevention/investigation and AML.