Bank Secrecy Act Compliance During the COVID-19 Crisis
Elizabeth Slim reminds us that Anti-Money Laundering professionals are still required to ensure that financial institutions maintain a safe and sound Bank Secrecy Act program, and offers a short short list of top risk issues for consideration. “If you haven’t done so, now is the time to take proactive steps to mitigate your risks and prepare for disruptions to your operations as staff members are out ill or self-quarantined due to being exposed to the virus,” Slim writes. “Know and accept that your resources are stretched thin, but hunker down, team up with your lines of business and prioritize your compliance functions.”
