The value of penalties against global financial services firms in 2021 dropped to half the total levied in 2020, according to research by compliance technology provider Fenergo.
Enforcement actions against financial institutions and their employees totaled $5.4 billion for violations of anti-money laundering (AML) and data privacy regulations, compared to $10.6 billion in 2020, Fenergo found. The number of fines against financial institutions for compliance breaches (176 in 2021) was less than a quarter of the total for the previous year (760).
