Anti-Money Laundering Issues and COVID-19: Fraud Concerns for Financial Institutions and Opportunities for Non-Bank Lenders

The COVID-19 pandemic has created a perfect storm for money laundering and fraud. Financial institutions subject to the Bank Secrecy Act are facing increased incidents of fraud and must catch and report suspicious or illegal activity while juggling financial concerns and trying to work remotely. The pandemic also will expose existing incidents of fraud—and investigations and litigation will surely ensue as investors and consumers demand their cash back, only to discover that the money is gone.

But COVID-19 also has created opportunities for non-bank lenders, who can qualify as lenders under the CARES Act’s Payroll Protection Program (PPP) if they enact a sufficient Anti-Money Laundering (AML) program. This webinar will explore how financial institutions can remain watchful for fraud during these difficult times and what AML steps non-bank lenders must take to qualify as PPP lenders.