The global comprehensive “Expected Changes in AML After COVID-19” report published by Sanction Scanner examines the expected changes in the coronavirus pandemic and after in companies’ AML and compliance processes.
The rapid spread of the COVID-19 outbreak raises health concerns worldwide. It is a fact that the effects of the crisis caused by the pandemic process are not only limited to health and deeply affect all sectors. These effects are expected to create permanent changes in every sector during and after the pandemic.
One of the sectors affected by the COVID-19 crisis is “Anti-Money Laundering”. While the world was struggling with the COVID-19 crisis, criminals took advantage of the crisis period and increased their financial crime attempts. The Financial Action Task Force (FATF), primarily the global regulators, and the European Union and other global and local regulators warned institutions against financial crime risks in the COVID-19 pandemic. According to the reports of the regulators, a large increase in money laundering, terrorism financing, fraud and corruption attempts were detected.
It is of great importance to evaluate the effects of financial crime risks arising during the pandemic period on the companies and the measures to be taken by the companies. Because rising risks and changes in the crime techniques used in the pandemic it has made it compulsory for companies to improve their “Anti-Money Laundering (AML)” programs.
Sanction Scanner published the “Expected Changes in AML After COVID-19” report to evaluate the effects of COVID-19 on the Anti-Money Laundering (AML) sector. In the published report, it was emphasized that there should be an effective fight against financial crimes during and after the pandemic and that companies must develop their financial crime and compliance processes against new risks.
Full Report: “Expected Changes in AML After COVID-19”