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Impact of COVID-19 on financial institutions: navigating the global emerging patterns of financial crime

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  • Christoph Wronka

Abstract

Purpose - The current COVID-19 pandemic has already proven to be one of the world’s deadliest crises in modern history with far-reaching impacts on different sectors of the global economy. The financial sector is among the most widely affected by the economic crisis occasioned by the COVID-19 pandemic. One of the most notable effects is related to financial crime. It is against this backdrop that the present study aimed to examine the impact of COVID-19 on financial institutions with the main focus being on financial crime Design/methodology/approach - Its twofold objectives were to critically examine the global emerging patterns of financial crime and their association with the COVID-19 pandemic; and to investigate how financial institutions across the world have been responding to, managing, and dealing with the emerging patterns of financial crime brought about by (or linked to) the COVID-19 pandemic. Findings - It was found out that as the pandemic ravages the world and pushes people and businesses to the very limits of their endurance, many financial sector stakeholders and players are responding in ways that put the entire financial sector and all its stakeholders at great risk. Specifically, COVID-19 pandemic has led to the emergence of new patterns of financial crime that were either unheard of or were not as rampant in the past. Originality/value - Both the descriptive and correlation analyses produced by this study provide new insights into the impact of COVID-19 on financial institutions with a main focus on financial crime.

Suggested Citation

  • Christoph Wronka, 2021. "Impact of COVID-19 on financial institutions: navigating the global emerging patterns of financial crime," Journal of Financial Crime, Emerald Group Publishing Limited, vol. 29(2), pages 476-490, August.
    • Handle: RePEc:eme:jfcpps:jfc-03-2021-0073
    DOI: 10.1108/JFC-03-2021-0073
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    Cited by:

    1. Haruna Babatunde Jaiyeoba & Nafiu Olaniyi Oladokun & Razali Haron & Mohammed Ahmed Suleman, 2024. "The impact of COVID-19 on the banking sector’s efficiency and growth trajectory," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(3), pages 922-935, September.

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