Tighter scrutiny needed on AML, advisers told
Jenine Colmore-Williams said money laundering activity increased during times of economic crisis, and that was an extra threat now because many businesses were working from home without all of their normal systems and processes available to them.
She said anyone who had not paid attention to how they were meeting their obligations needed to do so quickly to protect their businesses.
It's a view shared by the Financial Markets Authority, which has warned that criminals could try to target financial products and services in a "challenging" environment.
Any new or existing clients who were behaving oddly should raise questions, Colmore-Williams said, even though more unusual behaviour of all kinds was likely during disruption such as the world is experiencing as a result of Covid-19.
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