Money Laundering Amid COVID19

The cybercrime groups are adapting new tactics to exploit this crisis situation. As most of the people are working from home and using digital means for their daily needs and tasks.

Remote Infrastructure Management (RIM) is an efficient solution for the growing need among businesses to better manage their IT environment. RIM is the process of managing the IT infrastructure of a company, entirely or in parts, from a remote location. RIM provides a whole assortment of infrastructure services as a single source with a range of remedial actions which can be performed without disrupting business operations.

Acts like phishing, malware, ransomware attacks, fake charity campaigns and more spreading widely everywhere. These acts would probably increase money laundering activities, and hence banks, financial institutions need to be vigilant and take precautionary measures. Regulators have gauged the challenges banks and financial institutes will face in AML compliance.