In “Sepideh Rowland on the Impact of PPP on Financial Institution Compliance” (10 June 2020), Sepideh Rowland, vice president at K2 Intelligence FIN and head of managed services, discusses the impact of the Payroll Protection Program (PPP) on a bank’s financial crimes compliance program. Sepideh discusses how COVID-19 and PPP have impacted money laundering and fraud typologies, and concludes with how banks should think about their staffing models and resources.

Among her tips, Sepideh shares that banks should consider the following:  

  • Provide established communication and collaboration channels for remote teams
  • Ensure there are controls in place to “trust, but verify” with any customer transaction
  • Monitor alert volumes and demonstrate that processes and controls are in place—and that PPP loans must undergo that scrutiny 
  • With reallocation of resources, maintain sufficient BSA/AML staffing and resources across business units
  • Provide timely training to analysts and investigators to make sure they understand PPP, what red flags may be associated, and more

Listen to the full podcast, hosted on The FCPA Compliance Report.