Fraud prevention and detection

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

Private and public sectors:

• Members of the board or management
• Internal auditors, compliance officers or risks managers
• Members of procurement and accounting departments

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.

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

Michael, Financial Crime Leader and Partner in the forensic services, 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 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.