EVENT: Seminar on on financial crime controls during Covid-19
Date: 5th June, 2020 Time: 10:00 am - 11:00 am
On 5 June, FTI Consulting delivered a seminar to ABA members on how the Covid-19 outbreak is impacting the control environment around financial crime and how firms should adjust their compliance and control procedures in response.
The seminar was delivered on-line by Federica Taccogna, a Senior Managing Director and Partner in FTI's financial services practice, and Irina Petrila, a Senior Director in the same practice.
The FTI experts noted that the Covid-19 outbreak has been highly distruptive to banks' due diligence work and also their transaction monitoring and screening. They spoke specifically about the challenges of onboarding customers at a time when practical considerations of social distancing may hinder due diligence work. They suggested that firms should take reasonable endeavors and ensure that they have an audit trail; that they should consider onboarding customers with a reduced palette of services; that they should back-fill any gaps as soon as possible; and that they should ensure consistency of treatment by adhering to risk acceptance procedures.
They also addressed challenges related to unavailability of physical documentation, and challenges relating to transaction monitoring and payment screening.
The slide pack from the presentation is attached below.
This seminar was the latest in the series that the ABA and its corporate members is offering on regulatory, risk and compliance issues related to the Covid-19 outbreak.
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