The adverse effect of the pandemic on the activities of financial regulators worldwide cannot be overemphasized. QuantaVerse has released news saying the ongoing outbreak of coronavirus may lead to a drastic decrease in the number of financial crime investigators. The financial crime investigation agency that uses AI and machine learning techniques to automate financial crime investigation has requested banks affected with the outbreak to reach out to FinCEN and their active regulators should they have delays in their ability to file required Bank Secrecy Act (BSA) reports.
QuantaVerse has also advised players in the capital markets such as brokers and asset management companies to ensure effective monitoring of trades during this period to ensure compliance with regulations. Countries like India and other regions where facilities to work from home are inadequate are facing inefficiency of the investigative team. An effort to deal with the situation meets with the challenge involved in training temporary workers in a remote setting.