Money Laundering Enforcement Thrives In COVID-19 Era
While COVID-19 has made remote working a necessity for many government employees, it does not appear that COVID-19 has done anything to slow down government enforcement regarding money laundering.
The U.S. Securities and Exchange Commission stated in its Office of Compliance Inspections and Examinations 2020 examination priorities, that Bank Secrecy Act and anti-money laundering compliance remains a priority. Despite the COVID-19 pandemic, there have been significant actions by U.S. regulators this year against individuals and companies for money laundering activities, demonstrating a continued focus on AML enforcement. We expect that U.S. authorities will continue to make AML compliance, and specifically risk-based compliance, a priority.
Recent AML compliance and enforcement efforts have taken account of the ongoing COVID-19 pandemic in some recent actions. In the last few months, the government has issued guidance on risks based on the COVID-19 pandemic from multiple enforcement agencies.