PwC’s approach to knowing ■ establish their client’s identity (including the our clients identiifcation of ultimate beneifcial owners where required) We demonstrate our integrity by knowing the identity of our clients and others with whom we do business, ■ not provide any service, or enter into any and adhering to applicable standards on anti-money business relationship, that could constitute laundering. Where we suspect criminal behaviour, we them or a ifrm being involved in direct or take appropriate action. indirect money-laundering activities The PwC standard on ethics and compliance setsOur policy and guidance pr ovides practical and out how PwC member ifrms should mitigate the detailed explanations that explain concepts risk that they inadvertently become involved insuch as when to do the checks and what to look actual or potential money-laundering activities.for. Each member ifrm is r equired to establish a As most legislation on anti-money laundering isreporting procedur e in place for any partner or staff based on the Financial Action Task Force (FATF) member to report any knowledge or suspicion of recommendations as a baseline, the PwC standarmoney laundering.d is consistent with these recommendations and the Our clients work with us because they trust PwC risk-based approach guidance for accountants. and expect quality service. For this reason, we The standard requires each PwC member ifrm to continually seek to enhance our standards to establish systems, policies and procedures to mitigate combat ifnancial crime. As a network, we are in the the risk of being, directly or indirectly, involved in process of implementing new Network Know Your money laundering or terrorist ifnancing. The speciifc Client (KYC) policies, procedures and technology standard requirements for each PwC member ifrm are to help assess the risks related to our new and described in the following section. existing clients and the services we provide to them, while also driving a consistent approach to The standard also sets out the core requirements and KYC across the PwC network. This new approach prohibitions for every partner and member of staff. It to KYC will help us monitor risk proifle changes to is made very clear that engaging in money-laundering the client during engagements. It will also provide practices is illegal and unacceptable behaviour, and transparency and comprehensive information partners and staff have obligations to assist in the about our clients on a global basis to support us in prevention of money laundering. Speciifcally, partners making informed decisions that protect our brand and staff in member ifrms must: and reputation.