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

Global AML Fines Quadruple in 2019, Could Break Records

Subscribe to our newsletter

New analysis from KYC solutions provider Encompass Corporation has found that a total of $8.07 billion of anti-money laundering (AML) fines were imposed globally between January 1 to August 31 this year – approximately 4.3 times higher than the $1.87 billion handed out over the same period in 2018.

Over the four months May to August 2019, 20 AML penalties were handed down totalling over $352.5 million, compared to four fines totalling $707 million over the same period last year. Notably, penalties were also handed down by a diverse array of regulators across multiple jurisdictions beyond the USA and UK: including Latvia, Norway, India and the Netherlands – with the largest fine originating from Belgium.

“As 2019 runs on, we have seen yet another fine in the hundreds of millions, and we expect to see more large penalties over the remainder of the year. As we have noted previously, multi-million dollar fines are commonplace these days, as evidenced by the fact that seven of the 20 penalties given out from May to August were $1 million or higher,” notes Wayne Johnson, Co-Founder and CEO of Encompass Corporation.

“In the year to date, around two-thirds of AML penalties were given to banks, but approximately a sixth were imposed on companies in the gambling/gaming and cryptocurrency sectors – highlighting the increasing attention these industries are getting as channels for money laundering. We expect to see this shift to non-financial services businesses continue in the future.”

Given the current pace, 2019 has every chance of breaking the 2014 record for the highest value of AML fines given out in a year.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Solvency II Update: Are we effectively meeting the regulatory data requirement?

Nine months on from the January 2016 Solvency II compliance deadline, insurance firms and asset managers should have satisfactory responses to the regulation in place. But how effectively are they meeting the regulatory data requirement for the look-through and reporting elements of the regulation, and how best can they achieve not only compliance, but also...

BLOG

Ataccama Gathers Data Capabilities into Focused EU AI Act Package

As the implementation date for the European Union’s AI Act looms, financial institutions are having to put their data estates on a secure footing to ensure they comply with the wide-ranging regulation. The Act requires organisations to have a broad and granular view of their data in order to show that they can trace any...

EVENT

Data Management Summit London

Now in its 16th 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.

GUIDE

ESG Handbook 2023

The ESG Handbook 2023 edition is the essential guide to everything you need to know about ESG and how to manage requirements if you work in financial data and technology. Download your free copy to understand: What ESG Covers: The scope and definition of ESG Regulations: The evolution of global regulations, especially in the UK...