ANALYSIS: Pandemic Crime Threats Demand Ongoing AML Vigilance

With the Covid-19 pandemic entering its sixth month, the elevated financial crime threats and workplace disruptions have complicated anti-money laundering/ combating the financing of terrorism (AML/CFT) compliance and drawn the attention of regulators.

Bloomberg Law has launched a survey to gain insight into how firms are dealing with these challenges.

The Financial Crimes Enforcement Network (FinCEN) has issued several advisories on various financial crime threats since March. FINRA has also issued a recent notice on the threat of fraudulent account openings and other fraud, including stealing government stimulus funds and payments.

Available data indicates that these risks are continuing unabated. ...