European financial institutions that switched to onboarding all new clients remotely at the height of COVID-19 lockdowns should review their customer files to ensure that adequate due diligence was conducted, Europe's anti-money laundering standard setter warned. In a 16-page report Wednesday, Moneyval, the Financial Action Task Force's representative in Europe, outlined possible AML lapses involving remotely onboarded customers, a suspected rise in cross-border cash smuggling, and other threats and shortcomings that the group's 47 member nations have observed during the novel coronavirus pandemic. National regulators surveyed for Wednesday's report above all raised concerns over the rapid increase of remote customer...
German authorities have filed at least 2,500 charges in response to suspected financial crimes tied to the novel coronavirus pandemic since March 25, when federal lawmakers approved an unprecedented €1.1 trillion relief package to mitigate the economic impacts of the disease.
European crime syndicates face only limited, short-term setbacks in moving cash across borders or laundering funds through restaurants and other cash-intensive businesses amid the COVID-19 pandemic, analysts told ACAMS moneylaundering.com.
Financial institutions should closely scrutinize transfers linked to the procurement of medical products and government subsidies and conduct deeper checks on large cash transactions as criminals seek to exploit the coronavirus pandemic, a senior Dutch official said.