Global fines and penalties against financial institutions hit $36 billion last year, as ramifications from the financial crisis continue to reverberate throughout the financial services industry, according to a new report. The findings highlight why best-in-class compliance departments in the financial services industry today are leveraging next-generation technology to reduce corruption risk.
According to a report conducted by Fenergo, a provider of client onboarding lifecycle management software for the financial services industry, fines for non-compliance with Anti-Money Laundering (AML), Know-Your-Customer (KYC), and sanctions regulations surged by 160 percent over the past 15 months, since Fenergo issued its last report. A deeper dive of the results found that 12 of the world’s top 50 banks were fined for AML, KYC, and sanctions violations in 2019.
