In the News
A lot’s been written about the impact of the coronavirus pandemic on Anti-Money Laundering (AML), sanctions, and other efforts to combat financial crime. The conclusion is always the same: things are far worse now, and will be for the foreseeable future. Vulnerable populations are more at risk of exploitation due to the economic side effects of lockdown, there is more criminal activity, and, worse, new kinds of criminal activity. Financial Institutions are struggling to maintain their old processes from scattered remote locations while facing a surge in suspicious activity. And the criminals aren’t waiting for the banks to catch up - they’re busy taking advantage of the chaos and taking the opportunity to slip their money through the banks unnoticed. Regulators expect banks to keep up, criminals hope they don’t. In sum, it’s not a pretty picture.
Martin Markiewicz, CEO, Silent Eight joins us for our ongoing series – FTT Chats – where we sit down with the great and the good of FinTech to discuss innovation, new entrants, emerging technologies and, what we all hope will be a temporary topic, the current pandemic.
In the midst of the Coronavirus pandemic, banks have seen an increase in compliance alerts attributable to three developing factors.