NEW YORK—A new report reveals increased compliance requirements are hitting financial institutions hard when it comes to financial crime penalties.
According to Fenergo’s mid-year report, global financial crime-related penalties in 2020 crossed $5.6 billion. As a result of massive fines handed down to banks in the U.S., E.U., and Australia in Q3 2020, the figure now stands at close to $9 billion— without a full year of data—crossing the $8 billion high set in 2019, Finance Feeds stated in its analysis.
With a few notable exceptions involving willful corruption, the majority involve non-compliance with current global AML rules and standards, Finance Feeds noted.