New FATF And Fincen Guidelines for Banks In Response To COVID-19


14 – 15 December 2020 (Monday to Tuesday)

9 AM – 3 PM

Program 4 New FATF and FinCen 

The Financial Action Task Force (FATF) is the global standard setting body for identifying challenges and good practices and policy responses to new threats and vulnerabilities faced by the banking system from financial criminals and organized crime syndicates because of Covid-19. The US Financial Crimes Enforcement Network (FinCEN) is similarly engaged in publishing advisories regarding new Covid-19 related threats to the financial system through new versions of scams, cybercrimes, hacking, political and social media interference etc. The pandemic has disrupted the demand and supply sides of all markets and has additionally also significantly destabilized financial markets. Since February 21, 2020, bond yields, oil, and equity prices have sharply fallen, and trillions of dollars, across almost all asset classes, have been limping towards through managed stimulus infusions from government coffers. In the United States, 10-year bond yields have tumbled below 0.5 percent), and equity prices on major stock indices around the world have fallen. It appears, as of now, that the markets are trying to price using the worst-case scenario, which has increased volatility recently.

This course attempts to analyze and inform participants about the impact policy guidance and regulatory guidelines provided by these two major institutions to protect the banking system’s vulnerability to new and creative crimes that have endangered the system and a global client base whose confidence in the markets has weakened by the pandemic’s adverse impacts on supply chains, bankruptcies, collapse of businesses like airlines, the oil slump, disease, unemployment, and uncertainty about the future.


Upon the completion of this course, the participants will be able to understand:

  • How to recalibrate for the emerging new financial crime risks as per FATF and FinCEN
  • How to review transaction monitoring controls
  • New opportunities and new bad actors in financial crimes exposed by FATF
  • Medical scams and the financial impact on vulnerable populations exposed by FinCEN
  • Digital Onboarding and CDD implications by FATF as a new protocol standard
Target Audience

While this programme is mainly designed for Investment Managers

  • MLROs
  • Compliance Managers
  • Regulators

It may be very useful as well for Line of Business Managers and Internal Auditors as they will get a good handle of how the regulatory landscape that they are committed to is rapidly changing.


The structure of the course has been designed to analyze specific and general implications for banking firms where crime and compliance have becoming even more challenging due to the opportunities that the criminals enjoy and the vulnerabilities that the financial system faces. We consider the actions banks and financial firms should consider as they recover from the global pandemic in terms of Compliance issues and Financial Crimes Risk management.

Course outline

Module 1:

New COVI D-19 medical scams and cyber security breaches being exposed by FinCEN and FATF

Module 2:

Money Laundering Enforcement by regulators is just as strict during the pandemic as it was before and we now new standards to learn and observe.

Module 3:

Banks need to update standards requirements to combat COVID 19 scams and frauds. What are the new standards published by the international standard setting bodies like FATF and FinCEN?

Module 4:

Focus on Crypto assets as FinCEN warns of new financial crimes. Fincen announces new areas of relief to the banking system in terms of regulatory reporting in response to the pandemic, How that impact international banks?

Module 5:

FATF Statement on combating illicit financing during COVID 19. Cybercrime as the new focus in crime risk management.

Class exercise and discussion:



2 Days – 6 Hours Per Day / Total of 12 Hours

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