2020 – The Year Regulators Got Personal | Global Financial Institution & Individual Enforcement Actions 2020

In 2020, fines for non-compliance with Anti-Money Laundering (AML), Know your Customer (KYC), data privacy and MiFID regulations against financial institutions and individuals totalled $10.6 billion, rising 27% from the year before.

Penalties against financial institutions for compliance breaches are rising in volume and value and 2020 was the second highest year in these respects for enforcement actions. The number of fines aimed at individuals has also increased during 2020, hinting towards a new trend where more individuals are being held accountable for compliance breaches. Will this along with whistleblowing incentives and a widening of the net with regards to the law impact the unrelenting rise in financial crime?

On this webinar, we will uncover the key findings and trends emerging from Fenergo’s annual financial industry fines report. Register now to join the debate with our special guests and Fenergo panellists including financial crime expert, Graham Barrow from The Dark Money Files, Jeremy Kuester, Counsel at White & Case and previously at the Financial Crimes Enforcement Network (FinCEN) and Rachel Woolley, Global Director of Financial Crime at Fenergo.

Key findings for discussion include:

• Landmark action against Goldman Sachs totalling $6.8 billion (from multiple regulators) for its involvement in 1MBD scandal
• Major Australian bank fined almost $1bn for its money laundering scandal with links to serious crimes
• In 2019 nine fines amounting to $2.4 billion were issued by US regulators to foreign banks (UK and Italy) for sanctions violations. This year there were just two significant sanctions fines issued by UK and USA regulators totalling $76 million to banks headquartered in UK and South Korea
• Individuals were fined $89 million for AML and MIFID breaches