Banks Race to Adapt AML Systems for the Coronavirus Age

Lenders expect regulatory lashing if controls fail to keep pace with changes in criminal behavior.

Money laundering virus

Patterns of fraudulent activity have changed markedly during the global coronavirus lockdown, but banks don’t expect much sympathy from regulators if their detection systems are found wanting as a result.

“They do recognize that there are challenges, but I would struggle to think of an argument that I could use to the Financial Conduct Authority (FCA) that I wasn’t able to validate my new risk assessment model just because of Covid-19,” says Richard Snookes, chief compliance officer at Sberbank

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