Financial Crime and Covid-19: New Typologies, Investigations and Enforcement Trends

January 21, 1:00 pm EST

COVID-19 presents the most significant global challenge in modern history. Governments around the world have taken extraordinary measures to curb its spread and keep economies and households afloat. Whether through bypassing CDD measures, misusing online financial services, exploiting economic stimulus measures, or misappropriating financial aid – criminals have been quick to seize opportunities to exploit the crisis.

The FATF (Financial Action Task Force), Europol and other bodies have issued multiple warnings highlighting the need for financial institutions to stay alert to potential financial crime risks during this crisis. Meanwhile, some domestic financial intelligence units have issued COVID-19 related typologies and indicators to private sector financial institutions.

Earlier on in the crisis, many financial institutions sought to expedite KYC processes to facilitate government efforts, while also instituting various stop-gap measures to mitigate emerging risks. While financial institutions continue to focus on managing pandemic related operational challenges and supporting their clients through the downturn, part of the focus has shifted towards investigations, including to identify potentially criminal activities by well-meaning business executives simply focused on ensuring corporate survival.

In this webinar, our panelists will discuss some of the new typologies that have emerged during this crisis, the indicators that can help financial institutions flag potential risks, and the steps they should take in their investigations of identified risks. We will also explore the mechanisms supervisors and law enforcement agencies are using to guard against financial crime risks.

Learning outcomes :
  • New typologies in financial crime
  • Evolution of bad actors, from professional criminals to survivalist corporate fraudsters
  • Shifting indicators of potential money laundering and fraud risk
  • Challenges of data gaps, and how to bridge them
  • Enhanced investigations and changing risk assessment approaches
  • Supervisory approaches to mitigate risk
  • Expectations and trends in enforcement

Brad Maclean,
Regulation Asia
Matthew Field
APAC Market Director - Anti Money Laundering, NICE ACTIMIZE

Mark Nuttall, Ex-Scotland Yard & Interpol Singapore Country Manager, Hill & Associates

Beaver Chua
Head, Group Policy Governance & AML/CFT
OCBC Bank Singapore

About NICE Actimize
NICE Actimize is the largest and broadest provider of financial crime, risk and compliance solutions for regional and global financial institutions, as well as government regulators. Consistently ranked as number one in the space, NICE Actimize experts apply innovative technology to protect institutions and safeguard consumer and investor assets by identifying financial crime, preventing fraud and providing regulatory compliance. The company provides real-time, cross-channel fraud prevention, anti-money laundering detection, and trading surveillance solutions that address such concerns as payment fraud, cybercrime, sanctions monitoring, market abuse, customer due diligence and insider trading.
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