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Report: Financial firms fined $26B for AML, sanctions, KYC non-compliance since 2008

Jaclyn Jaeger | September 26, 2018

A staggering $26 billion in fines has been imposed for non-compliance with Anti-Money Laundering (AML), Know Your Customer (KYC), and sanctions regulations in the last decade, according to new research.

The research was conducted by Fenergo, a provider of client lifecycle management solutions for financial institutions. The data, in the form of an interactive infographic, details the global fines activity of regional and in-country regulators over the past 10 years. It’s based on various sources, including regulatory and news outlets providing insight into fines by region, country, regulator and by types of fines imposed. The data highlights how regulators have approached breaches from foreign versus domestic financial institutions.

The United States accounts for nearly 44 percent of all global regulatory AML/KYC fines, and 91 percent of the total value ($23.52 billion). In Europe, 83 fines, totaling $1.7 billion, have been imposed, most by the U.K. Financial Conduct...

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