COVID-19: The Impact on Regulatory Operations & Payments Within the Financial Service Industry


Lysis Financial researched the impact the coronavirus COVID-19 has had on regulatory operations and payments within the financial service industry.

The research was carried out through a survey which was distributed globally to people working in regulatory operations and compliance departments within financial institutions. The assessment into payments was carried out using anonymised data from a global payment service provider.

Geographical Reach

The respondents of the survey were mainly focused within Europe with greater concentration in the UK, Ireland and the Netherlands. Broader participants were located across East Asia, India and the Middle East.

Given the impact COVID-19 has had on Italy and France, the research into payments was limited to these countries.

Executive Summary

The wider and more stringent “lockdown” in Asia, and the inability for most personnel working in large Business Processes Operation (BPO) centres in India to work remotely resulted in a greater impact in these regions in managing and facilitating regulatory operational processes and controls.

Ireland appears to be one of the countries least impacted by COVID-19 and the subsequent lockdown. This appears to be due to stringent and well tested Business Continuity Plans being in place. The UK and the Netherlands also fared well due to a wide ability of regulatory and operational personnel to work remotely.

The majority of the global respondents said COVID-19 had a negative impact on the processing of new client onboarding and KYC refresh. Regulatory reporting is unlikely to be affected.

The number of credit card payments being processed from January to April in Italy and France has radically reduced from the previous year. This is relatively easy to understand as the figures are concerning the data which was based on a service provider used predominantly by non-European tourists to spend money in shops, restaurants, airports and other similar social scenarios.

Impact of COVID-19 on Regulatory Operations

Business Continuity Planning