At the beginning of 2020, the Central Bank of Ireland (CBI) indicated that anti-money laundering and the prevention of financial crime reminded a regulatory priority for the coming year. In particular, the CBI stated its intention to focus its inspection activities on firms’ approach to risk assessment and the use of transaction monitoring systems.
While this focus has been reflected in the CBI’s subsequent engagement with firms, Covid-19 presents further challenges in the context of financial crime compliance. These issues are explored in our latest paper, which you can download below. As the industry responds to the impact of Covid-19 in supporting its consumers and workforce, our article focuses on areas such as the increased stress on business-as-usual (BAU) operations and emerging challenges arising from Covid-19 that must be considered as organisations adapt and overcome the immediate risks.
Organisations should consider when and what financial crime compliance activities can be undertaken. While focus on sustaining business activity is important, steps can be taken to reduce exposure to potential financial crime risk.
Look out for more EY Financial Services Covid-19 implication papers relating to these Financial Crime and Forensics topics:
You can also review our latest insights and thinking to support you in leading through these volatile times; don’t hesitate to reach out if you have any questions.