The effects of the current pandemic are still deeply felt as we progress in 2021. As most financial institutions have been adversely affected by the disruption brought about by pandemic, there have been extensive adoption of alternative and combined solutions to further leverage digital transformation. For instance, with electronic Know Your Customer ("e-KYC") and remote Transaction Monitoring, AML compliance team can adapt quickly to onboard customers, identify positive suspicious transactions and instantly investigate unusual activities within a short period of time. This will result in continued compliance with AML/CFT obligations even with a skeleton crew on-site at the institution.

We further expect an increased focus on virtual currencies globally. Regulators and financial institutions ("FI") should remain active and vigilant in developing guidelines and implementing AML compliance programmes that includes controls to curb financial crime risks of virtual assets such as cryptocurrencies, due to the non-face-face nature of the delivery channels which may permit anonymous funding and illicit money transfer.
 

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