As we near the end of 2020, it is time to add up the value of fines charged to banks/firms for anti-money laundering (AML) failures. Why do we do this? Most importantly, it helps us answer the question, “Are we getting better at preventing it?”
Earlier this year, David Lewis, executive secretary of the Financial Action Task Force, said bluntly, “We are all doing badly, some not as badly as others” with regard to AML efforts. The FinCEN leaks reinforced his comment, and while many resent blame being attached to banks/firms, there is no escaping the collective failures of all stakeholders, including regulators.
