Dirty cash crackdown hurt banks in 2020
24 Aug 2021

Global fines for failures related to money laundering at banks and financial services firms were five times higher last year than in 2019 as regulators took a harder line over breaches.

Total enforcement fines linked with efforts to combat money laundering reached $2.2 billion in 2020, up from $444 million in 2019, according to research by Kroll, the investigations, risk and regulatory consultancy.

This was despite the fact that the number of fines issued last year was the same as in 2019, at 45.

This year appears to be following a similar pattern, with the total value of such fines as of June at close to half of the 2020 total, just shy of $1 billion.

Claire Simm, managing director in Kroll’s financial services compliance and regulation practice, said that regulators were imposing tougher penalties even during the pandemic to “send the message that despite any obstacles, enforcement remains a top priority for non-compliant behaviour”.

By James Hurley, The Times, 23 August 2021

Read more at The Times

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