New Report Shows Banks Were Fined Over $700 Million in AML Related Fines in Q2 2021

Kyckr has released the findings from their AML Bank Fines Q2 2021 report.

The report found that from 1 April to 30 June 2021, 25 banks were fined a staggering $722,275,805 for AML related fines. 

Commenting on the findings, Kyckr CEO Ian Henderson said: "2021 has already been a blockbuster year for AML related fines. Regulators across the globe are taking aggressive action against violators, handing down major financial penalties and in some cases, lengthy prison sentences to the individuals involved. These findings show it's more critical than ever that compliance teams be proactive to ensure they do their part to prevent financial crime from taking place at their organization."

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.

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Source: Kyckr


Categories: Banking, Finance, Insurance

Tags: AML, KYC, money laundering