Up Close and Personal
The Year of Personal Accountability

Global Research Report on Financial Institution and Individual Enforcement Actions in 2020

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The Financial Regulatory
Environment in a Historic Year

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

Key findings include:

  • Approx. 212 individuals were fined $99.3 million in 2020 for AML and MiFID compliance breaches
  • Goldman Sachs received $6.8 billion in enforcement actions from multiple regulators for its involvement in 1MDB
  • A major Australian bank was fined almost $1 billion for a money laundering scandal with links to serious crimes
  • Chinese regulators set a historic record, issuing 733 fines to financial institutions and their staff at $96.1 million for AML breaches

Enforcement Actions for AML Breaches vs
Illicit Funds Laundered from Criminal Activity

Since the financial crash in 2007, an estimated $46.6 billion in enforcement actions has been levied to financial institutions and individuals for non-compliance with AML and sanctions violations. This is a mere drop in the ocean when compared to the estimated $2.4 trillion* in illicit cash that flows through the financial system each year.

Global AML Enforcement Action Total vs Dirty Money Laundered

Source: World Economic Forum

Global Enforcement Actions by Type

Financial penalties for AML-related compliance breaches represent 99% of the total value of enforcement actions issued in 2020. Data privacy and MiFID remained high on the regulatory agenda yet represent just 1% of the total enforcement action value for the year. 

Discover the total value of fines by type

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Global Enforcement
Actions by Region

Regulators are becoming increasingly active in all regions. 2020 was the second biggest year in the value of enforcement actions issued since 2015, driven by the repercussions of the 1MDB scandal and recent FATF activity in APAC. 

Discover the total value of fines by region 

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Major Enforcement Actions by Regulator

Global regulators are undeterred in issuing multi-billion-dollar enforcement actions to financial institutions for serious compliance breaches.

Explore enforcement actions by the most punitive regulators by region

  • APAC
  • EMEA
  • LATAM
  • NAM
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Delve into Fenergo’s 2020 enforcement actions analysis
and discover how the industry can adhere to regulatory compliance in over 100 jurisdictions and better detect and prevent financial crime.

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View our 2020 Global Enforcement Actions Webinar

View a recording of our webinar about our research findings with Graham Barrow from The Dark Money Files, Jeremy Kuester, Counsel at White & Case and formerly Deputy Associate Director for the Policy Division at FinCEN, and Rachel Woolley, Global Director of Financial Crime at Fenergo.

Fenergo´s Regulatory Expertise

Fenergo is the leading provider of digital transformation, customer journey and client lifecycle management (CLM) solutions for financial institutions. Fenergo is recognised for its in-depth financial services and regulatory expertise (from a team of over 30 global regulatory specialists), community-based approach to product development and out-of-the-box rules engine which ensures financial institutions are future-proofed against evolving Know Your Customer (KYC), Anti-Money-Laundering (AML), tax and OTC derivatives-based regulations across 100 jurisdictions.