Bank for International Settlements Reports on Financial Crime During COVID-19
05/14/2020The Bank for International Settlements has published a report on financial crime during the COVID-19 pandemic. The Report provides an overview of the increase in financial crime observed since the COVID-19 outbreak, which includes an increase in cyber threats, greater misuse of online financial services and virtual assets to move illicit funds and possible corruption associated with government stimulus funds. The Report also describes the cyber resilience measures proposed by national and international agencies and the AML actions taken by supervisory bodies, including the issuance of public statements to raise awareness of COVID-19-related AML risks, provision of guidance on the application of existing AML/CTF frameworks and coordination with the financial sector for the reporting of COVID-19-related fraud.
The Financial Action Task Force has separately produced a report entitled "COVID-19-related Money Laundering and Terrorist Financing Risks and Policy Responses" which identifies challenges, good practices and policy responses to AML/CTF risks arising from the COVID-19 pandemic.
View the BIS's Report on Financial Crime during COVID-19.
View details of the FATF's report on COVID-19-related Money Laundering and Terrorist Financing Risks and Policy Responses.
Details of other regulatory responses to COVID-19 are available on our COVID-19 Research Center.
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