{ Financial institutions | Compliance }
Banking and the
Pandemic The impact of COVID-19 on compliance monitoring for banking institutions
F
rom remote work to surging first-time online banking users, the COVID-19 pandemic has had a widespread impact on customer behavior and compelled financial institutions to adopt new business-as-usual processes and compliance monitoring procedures. However, these changes have also amplified the challenges for financial crime management and compliance monitoring programs at institutions of all asset sizes.
By James Jarrett, CPA
34
On Balance
Throughout 2020 and into 2021, financial institutions have struggled to manage and maintain processes with limited resources. COVID-19 has placed limitations on in-person customer interaction, including temporary closing of branch lobbies and permanent closing of some branches. Financial institutions are forced to work with skeleton staffing due to employees testing positive for the coronavirus or required quarantines due to exposure, and the limited staffing has forced management to adopt new processes and procedures. In addition, it has forced management to temporary halt or limit compliance monitoring procedures in lieu of completing daily business processing.
March | April 2021
wicpa.org
