New Report Shows Banks Were Fined Over £2.6 Billion for AML Related Violations in 2020

AML Bank Fines Report 2020

Kyckr has released the findings from their first annual AML Bank Fines 2020 Report.

Commenting on the findings, Kyckr CEO Ian Henderson said: "2020 was a blockbuster year for AML related fines. Regulators across the globe took aggressive action against violators, handing down major financial penalties and in some cases, lengthy prison sentences to the individuals involved. As we move into a new year, it's critical that compliance teams be proactive to ensure they do their part to prevent financial crimes". 

Key Findings: 

  • In total 28 financial institutions were issued fines for AML related violations in 2020. 
  • Regulators from 14 countries issued AML related fines in 2020.  
  • In total, these financial institutions were fined roughly $3,224,875, 355 billion USD and £2,615,333,831 GBP. 
  • Q3 2020 saw the highest total of fines with $1,196,499,200 USD and £863,106,109 GBP. 
  • US regulators were the most aggressive, penalising banks $1,557,521,256 USD and £1,141,050,882 GBP in fines.  
  • Australian regulators were closely behind with $946,563,168 USD and £765,709,861 GBP in fines.  

To view a full copy of the findings, click here

About Kyckr

Kyckr is a B2B information services company that aggregates, organises and structures the world's primary source company data to help businesses reduce the risks associated with counterparty relationships. Unlike traditional data companies which source data from multiple, secondary sources, Kyckr provides accurate data with trusted, legally-authoritative provenance. This helps organisations to avoid the significant regulatory and commercial costs associated with using poor quality data. Through the combination of accurate data with innovative technology, Kyckr's solutions help businesses to succeed in the fight against fraud, money laundering and financial crime.

Media contact: Holly@frontlines.io

Source: Kyckr

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Categories: Banking, Finance, Insurance

Tags: AML, Banking, Fines, fintech, money laundering