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Money Laundering Enforcement Thrives In COVID-19 Era

Law 360

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,[1] 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.


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