About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Corlytics Reports Eye-Watering Fines for 2023 Regulatory Breaches

Subscribe to our newsletter

Corlytics, a provider of regulatory risk intelligence, has released an enforcement data report for 2023 revealing financial crime, data protection, and governance as the main risk categories for financial services with the highest penalties. Some $6.7 billion of fines were imposed for financial crime, most of which were for money laundering and terrorist financing.

Looking at data protection, penalties for 2023 violations of General Data Protection Regulation (GDPR) surpassed the total for 2021, 2020, and 2019. The EU levied fines totalling almost €2.1 billion for non-compliance with GDPR.

The regulatory landscape for crypto and digital assets witnessed an unparalleled surge in enforcement actions. The world’s largest crypto exchange, Binance, faced a staggering $4 billion fine from the US Government’s Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Assets Control (OFAC) for the violations of the Bank Secrecy Act. The fine was the biggest of the year.

Geographically, the Corlytics report notes the number of fines in the Americas was 14 times higher than in APAC and four times higher than in Europe. The UK Financial Conduct Authority (FCA) had a relatively quiet year on the fines front charging just £52.8 million ($66.7 million).

After a quiet first two quarters, global regulators fined over 80% of the total amount from July to December 2023. US regulators occupied the leading positions in all the fines categories. The Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) were among the most active regulators, issuing enforcement fines of $3.4 billion and $1.4 billion respectively.

Corlytics’ quarterly and annual forensic analysis of regulatory data is provided by the company’s team of experts to help financial services firms track regulatory activity across the globe.

Subscribe to our newsletter

Related content


Recorded Webinar: Proactive RegTech approaches to fighting financial crime

Financial crime is a global problem that costs the economy trillions of dollars a year, despite best efforts by financial services firms, regulators, and governments to stem the flow. As criminals become more sophisticated in how they commit financial crime, so too must capital markets participants working to challenge criminality and secure the global financial...


Regulated Firms that Don’t Trust Electronic Identification Verification Risk Financial Crime

More than 36% of people in regulated firms who ‘can’t trust’ electronic identity verification technology and instead rely on manual checks are leaving their doors open to financial crime, according to research by anti-money laundering specialist SmartSearch. This statistic, from SmartSearch’s 2023 annual survey of 500 compliance stakeholders across financial, accountancy, property and legal services,...


Data Management Summit London

Now in its 14th year, the Data Management Summit (DMS) in London brings together the European capital markets enterprise data management community, to explore how data strategy is evolving to drive business outcomes and speed to market in changing times.


Regulatory Reporting Handbook – First Edition

Welcome to the inaugural edition of A-Team Group’s Regulatory Reporting Handbook, a comprehensive guide to reporting obligations that must be fulfilled by financial institutions on a global basis. The handbook reviews not only the current state of play within the regulatory reporting space, but also looks ahead to identify how institutions should be preparing for...