Forensics crypto

Case Study
4 minute read

Client

Private

Industry

Financial services

Our role

Financial consultation

Featuring

PwC United Kingdom

Background

Over the past three years, PwC South Africa has been supporting a regulator to investigate alleged contraventions of the exchange controls. More specifically, the investigation addresses the export of capital outside the country through crypto asset exchanges.

How we delivered

In collaboration with PwC United Kingdom, we used proprietary PwC tools to enable us to trace crypto assets in the context of the regulator’s requirements. The tool used blockchain data to determine capital inflows and outflows from a foreign exchange control perspective — which allowed us to deliver unique solutions that were human-led and tech-powered.

Our forensics work helped the regulator identify the perpetrators circumventing the Exchange Control Regulations and enabled the regulator to act on the individuals, entities and schemes used to facilitate large capital outflows.

Sustained outcome

In this project, we investigated individuals and entities on behalf of the regulator. Their funds were blocked during the review period and if they were found to have breached any regulations, their funds were forfeited.

Our interaction with the regulator started as reactive responses to past instances of contraventions. We have since advanced our approach to a point where the regulator can proactively and more timeously avoid the impact of capital outflows. Through our work we are directly contributing to reinforcing society’s trust in our economy and protecting the wealth of our nation.