FATF members, observers and open sources indicate that criminals have attempted to profit from the COVID-19 pandemic through increased fraudulent activities.
Criminals have attempted to profit from the COVID-19 pandemic through exploiting gaps and weaknesses in AML/CFT systems…while they assume resources are focused elsewhere. Meanwhile financial behavior has changed and remote transactions have tremendously increased.
The European Banking Authority encourages the use of responsible digital identity and other innovative AML solutions for identifying customers at onboarding and while conducting transactions (Digital ID Guidance (FATF, 2020).
COVID-19-related Money Laundering Financing,FATF, May 2020