MSB Focus: Fighting Financial Crime in the Wake of COVID
While COVID-19 has had a detrimental impact on the economy as a whole, MSBs and community banks have been particularly hard-hit. Their challenge: meet ongoing regulatory expectations and remain vigilant on financial in a time of increasingly scarce resources. Join this webinar for a look into the issues MSB compliance professionals are experiencing post-pandemic and how they’re staying afloat.
Revamping training and risk management models to create institutional awareness of COVID-related AML risks such as remittances of illicit proceeds to bogus relief organizations
Updating oversight models to adequately detect possible COVID-19 scams such as requests for aid to allegedly sick family members in foreign countries
Examining FBI guidance on spikes in “money mule” activities related to COVID-19 such as extraordinarily complex transactions serving no clear business or personal purpose