COVID-19 has quite clearly changed the entire 2020 landscape for financial services. Compliance functions are racing to ensure that they meet unwavering regulator expectations with respect to financial crime, market and consumer conduct. Financial institutions need to take reasonable steps to ensure that their compliance monitoring programs are designed to identify fraudulent activity and market abuses moving forward, intentional or inadvertent.

This article uncovers the economic challenges the financial services industry is facing and identifies how finance firms can manage the mid- to long-term effects of COVID-19.