Compliance Remains Critical During Times of Crisis

Compliance Remains Critical During Times of Crisis

After the coronavirus was declared a pandemic, FinCEN published a statement encouraging financial institutions to remain alert about malicious or fraudulent transactions. Fraud typically spikes during times of crisis such as natural disasters. FinCEN published an advisory in 2017 describing the new trends in criminal activity that can occur after such an event, such as charities fraud.

Similarly, FinCEN is monitoring new trends in financial crime during the COVID-19 crisis. It has identified imposter scams, investment scams, product scams, and insider trading as key emerging trends. Therefore, FinCEN is warning financial institutions to be vigilant and aware.

In addition to fraud, money laundering is an ongoing concern, and the patterns of money laundering behavior could very well change. For example, there have been reports of criminals using the pandemic to turn innocent people into unwitting money mules. Clearly, it’s never been more critical that your anti-money laundering software can keep up with evolving trends.

Beam uses advanced machine learning to spot changing patterns and catch new types of criminal activity. And it drastically reduces false positives, so your compliance team can be more efficient. Since Beam is a highly secure cloud-based platform, analysts can work from anywhere with no impact on their productivity. Request a remote demo today to see how Beam will transform compliance in your organization.

Has your compliance team been affected by the pandemic? We are researching the impact and would love to hear from you. Take our anonymous three-question survey and let us know.

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