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Enforcement Actions in a Covid Climate

A Global Research Report on Financial Institution Fines and Enforcement Actions

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Global Financial Institution Penalties on the Decline in 2021

In 2021, fines for non-compliance with Anti-Money Laundering (AML), Know your Customer (KYC) and data privacy regulations against the financial sector totalled $5.4 billion, a decrease of 49% from 2020.

Key findings include:

  • APAC regulators issued a total of $718.6 million in enforcement actions to financial institutions in 2021 down 86% from 2020
  • EMEA saw a 244% increase in the value of financial penalties from just over $1 billion in 2020 to $3.4 billion in 2021
  • North America had a sharp decline in enforcement actions during the 2021 calendar year, down 73% from 2020
  • Globally, approx. 16 employees were fined $16.5 million for their role in AML-related compliance breaches
  • Regulators in Latin America fined financial institutions $14.3 million, up 46% from 2020