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Risk management during COVID-19

OPINION: Last week, the President of FATF has issued a statement encouraging the governments of FATF-member countries to utilise the principles of the risk-based approach in addressing challenges presented by COVID-19, as well as, remaining vigilant to new and emerging threats resulting from an increase in fraud and exploitation scams including trafficking in counterfeit medicines, investor and product scams, fundraising donation schemes  and phishing scams preying on virus-related fears.

In this statement guidance was provided to AML supervisors, financial intelligence units and law enforcement agencies that encourage flexibility for regulated businesses that are experiencing business disruption and seeing significant increases in the use of digital on-boarding and contactless payments as social distancing measures come into effect around the world.

This guidance is being headed by regulators around the world as many have offered COVID-19 specific guidance and outreach and flexibility in terms of timing for compliance report submissions recognising that many businesses are facing significant disruption to their business operations.

Read more on FATF website regarding their statement on COVID-19 and risk management solutions.

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